Piraeus Bank intends to sell the 11.2 million ordinary shares that it currently holds in its own capital as treasury shares. At present, these shares represent 6.7% of Piraeus Bank?s outstanding ordinary capital.

This transaction will allow Piraeus Bank to increase its international shareholder base and to further strengthen its capital structure.

UBS will act as sole bookrunner on this transaction. Sigma Securities will act as a selling agent in Greece.

The shares are to be placed by way of an accelerated bookbuild process to institutional investors. Piraeus Bank has committed to a lock-up period of 90 days with respect to the sale of ordinary shares except for the issuance of approximately 30 million shares in connection with the proposed merger with ETVA Bank announced on 30 June 2003. In addition, prior to completion of the placing, Piraeus Bank does not intend to make any repurchases of its ordinary shares pursuant to its share repurchase program.

Piraeus Bank's nine-month results, to be announced in early November 2003, should confirm the positive trend shown in the first-half figures with consolidated net income for the first nine months expected to be up by at least 20% compared to the nine-month 2002 level.

Enquiries:

Piraeus Bank

Michael Colakides, Deputy Managing Director

Tel: 0030 210 333 5645

Stavros Lekkakos, General Manager

Tel: 0030 210 924 1450

UBS

Louise Wilson

Tel: 0044(0)20 7568 1746

Alex Caramella

Tel: 0044(0)20 7568 8025