Mr. Αlex Μanos, Managing Director of Piraeus Bank, replying to a press query on whether Piraeus Bank is thinking of a rights issue similar to Alpha Bank's, stated the following:
"Piraeus Bank is not contemplating a share capital increase as it possesses sound capital adequacy, with equity Tier I estimated currently at 8.2% -without taking into account the State's preference shares of euro 370 mn and hybrid capital- vs. 7.4% in Dec.2008. The leverage ratio tangible equity to tangible assets of Piraeus Group is currently above 5.7% vs. 5.0% in Dec.2008.
Therefore, the organic profitability and the prudent risk management allow us to grow with safety without asking for additional capital".