PIRAEUS FINANCIAL HOLDINGS S.A.

Announcement

Piraeus Bank S.A. announces that on 29.11.2007 the 100% subsidiary company "Piraeus Bank (Cyprus) Ltd" was granted licence from the Central Bank of Cyprus to exercise banking activity in Cyprus.
Piraeus Bank (Cyprus) Ltd shall initiate activity at the end of January 2008 and shall provide integrated banking services in Retail Banking, Corporate Banking, SMEs, Wealth Management and International Banking Units.