Piraeus? Bank growth in Egypt through Egyptian Commercial Bank (E.C.B.) was discussed between Mr. M. Sallas, who visited Cairo accompanied by Piraeus? Bank executives, and the management of the Egyptian Bank, which was recently acquired by Piraeus Bank.

During his visit in Cairo, Mr. Sallas met with Egypt?s prime minister Ahmet Nazif, with whom they discussed general investment issues, as well as the growth perspectives of E.C.B. Mr. Nazif greeted the initiation of operations of Piraeus Bank in the Egyptian market and underlined that it contributes to the promotion of investments between the two countries; he also looked certain that Piraeus Bank, through its experience and specialization, will help to further improve the Egyptian banking sector. Mr. Sallas referred to the growth potential of E.C.B., underlining that it is an important investment of Piraeus Bank Group which falls into the general strategic target of enhancing Piraeus Bank?s operations in the markets of the South ? East Mediterranean. The minister of Investments of Egypt Mahmoynt Mjhj El Ntjn was also present in the meeting. Moreover, the chairman of Piraeus Bank met with the administration of Central Egyptian Bank.

Mr. Sallas also met with a number of Egyptian and Greek entrepreneurs - that are active in Egypt ? in a reception that took place in the residence of the Greek ambassador, with the scope of enhancing and tightening the Greek-Egyptian financial relations. Piraeus Bank acquired the 79.7% of the share capital of Egyptian Commercial Bank for euros 22.1 mn and proceeded to a capital increase of euros 40.2 mn. ECB?s assets amounted to euros 507 mn in June 2005; it has 18 branches and plans to reach 25 by year-end.