Piraeus Bank announces that it was informed by Standard Chartered Bank of its intent to withdraw from the potential acquisition of Piraeus Bank Egypt. Standard Chartered Bank indicated that this decision was taken in light of the deteriorating global macroeconomic environment and not on account of issues arising out of their due diligence of Piraeus Bank Egypt. Piraeus Bank has communicated this information to regulators in both Greece and Egypt.

Piraeus Bank had received indications of interest for Piraeus Bank Egypt from a number of other potential purchasers, which were not examined while discussions with Standard Chartered Bank were ongoing. Piraeus Bank intends to proceed, through a procedure to be announced, in exploring interest and initiating discussions with other interested parties.

Meanwhile, Piraeus Bank would like to stress that Piraeus Bank Egypt continues to maintain high levels of capital adequacy and liquidity on a standalone basis, and will continue to provide banking services to its Egyptian client base as a member of Piraeus Bank Group.