PIRAEUS FINANCIAL HOLDINGS S.A.
Statement.
Mr. Alexandros Manos, Managing Director of Piraeus Bank, when asked by press whether Piraeus Bank is examining a rights' issue, following National Bank of Greece relevant move, stated:
"Piraeus Bank has a strong capital adequacy with Equity Tier I at 7.8%, Tier I at 9.3% and total Capital Adequacy Ratio at 11.2% in March 2009 including the recent private placement of treasury stock (added to Equity Tier I) and the issue of preference shares in favour of the Greek State (added to Tier I). Additionally, observing the "tangible equity to tangible assets" ratio for Piraeus Group, a key indicator under the current market conditions, it stands at 5.3% in March 2009, taking into account the recent private placement, when the European average stands at the half of it (2.5%) according to IMF data for Dec.2008. Finally, in line with our planning we believe that the Group in the future will achieve satisfactory level of profitability capable of enhancing its capital adequacy further more."
"Piraeus Bank has a strong capital adequacy with Equity Tier I at 7.8%, Tier I at 9.3% and total Capital Adequacy Ratio at 11.2% in March 2009 including the recent private placement of treasury stock (added to Equity Tier I) and the issue of preference shares in favour of the Greek State (added to Tier I). Additionally, observing the "tangible equity to tangible assets" ratio for Piraeus Group, a key indicator under the current market conditions, it stands at 5.3% in March 2009, taking into account the recent private placement, when the European average stands at the half of it (2.5%) according to IMF data for Dec.2008. Finally, in line with our planning we believe that the Group in the future will achieve satisfactory level of profitability capable of enhancing its capital adequacy further more."