Emporiki Bank of Greece, rated Baa1/BBB-/BBB+, today launched a highly successful inaugural EUR 350 million 10NC5 FRN Lower Tier II benchmark transaction through Emporiki Group Finance PLC. The deal was launched off the back of the Bank?s new EMTN programme, signed on July 20.

The issuer originally planned a EUR 250 million deal. The issue was largely oversubscribed after only two days of marketing and Emporiki Bank decided to satisfy some of the additional demand by upsizing the transaction. The issue was targeting Greek and European institutional investors.

The issue is rated Baa2/BB+/BBB, has a coupon of 3-month Euribor + 75 basis points (stepping-up by 130 basis points if not called on August 5, 2009), matures on August 5, 2014 and will be listed on the Luxembourg Stock Exchange.

The Joint Lead Managers were Morgan Stanley, Alpha Bank and National Bank of Greece. The Co-Leads on the transaction were ABN AMRO, Calyon, EFG Eurobank, Emporiki Bank, Greek Postal Savings Bank and Piraeus Bank.

For further information please contact:
Vassilios Psaltis, Investor Relations Officer, +30 210 328 4910

About Emporiki Bank:
Emporiki is the fourth largest commercial bank in Greece by total assets with c.11% of the domestic lending market. Supplementing its commercial banking activities, offered through its extensive distribution network in Greece (375 branches), the bank offers a range of financial services including insurance, investment banking, consumer finance and asset management. It has a limited presence in the UK, Germany, Cyprus and the Balkan/Black Sea region. At end-2003, 9.4% of Emporiki?s shares were held directly by the Greek government and c. 33% were owned by state-affiliated bodies.