Piraeus Bank SA announces that, within the implementation of a relevant agreement between the two parties, on 13.06.2007 it carried out a payment of Euro 18.6 million representing its participation in the share capital increase of the company "European Reliance Insurance Company S.A." , by acquiring 8,315,222 new shares at an offer price of Euro 2.24 per share. Following the consummation of the said share capital increase, the equity participation percentage of Piraeus Bank S.A. in the share capital of European Reliance Insurance Company S.A. will rise to 30%. The purpose of such participation is to build a strong insurance body that will have a substantial presence in the Greek and South Eastern European insurance services market.