Along with its organic growth, Piraeus Bank made a series of strategic moves with the goal of establishing a strong presence in the market. Thus, in 1998, the Bank absorbed the activities of Chase Manhattan in Greece, took over controlling interest in Macedonia-Thrace Bank and acquired the specialised bank Credit Lyonnais Hellas. At the beginning of 1999, the Bank acquired Xiosbank and absorbed the activities of National Westminster Bank Plc in Greece. In June 2000, the Bank unified its three commercial banks in Greece (Piraeus Bank, Macedonia-Thrace Bank and Xiosbank), a merger completed with great success, thus creating one of the three largest private sector banks in Greece.

In early 2002, Piraeus Bank acquired the Hellenic Industrial Development Bank (ETBAbank) from the Greek State, thus enhancing the Group's capital base and market share. ETBAbank was successfully absorbed by Piraeus Bank in December 2003. Also, at the beginning of 2002, a strategic alliance agreement for the Greek market was signed between Piraeus Bank Group and the international banking and insurance ING Group. In implementation of this agreement two joint ventures have been established in the fields of bancassurance - employee benefits and asset management, along with a cross shareholding.

In early 2005, Piraeus Bank Group, implementing its strategy for expansion in Southeastern Europe and Eastern Mediterranean markets, acquired the Bulgarian Eurobank, strengthening its presence in Bulgaria, while it entered into the Serbian market by acquiring Atlas Bank and into Egyptian market by acquiring Egyptian Commercial Bank.

Today, Piraeus Bank leads a group of companies covering all financial and banking activities in the Greek market (universal bank). Piraeus Bank possesses particular know-how in the areas of retail banking, small and medium-sized enterprises (SMEs), capital markets and investment banking, leasing and financing of the shipping sector.

These services are offered through the Bank's branch network and also through the electronic banking network of Winbank. The latter was launched in the beginning of 2000, as the first complete electronic banking service in Greece, offering a full set of services through four different channels of distribution (Internet, mobile phone, call centre and ATMs). The excellent level of services of Winbank has attracted a number of awards and distinctions, while Winbank has been the only e-banking service in Greece certified with ISO 9001:2000.

Piraeus Bank Group has a growing international presence, mainly focused in Southeastern Europe, but also in the financial centres of London and New York. In particular, the Group is present in the USA through Marathon Bank, based in New York (in January 2004 also absorbed Interbank NY), having 11 branches, in London with a branch of Piraeus Bank, in Albania through Tirana Bank with 27 branches, in Romania through Piraeus Bank Romania with 18 branches, in Bulgaria with 65 branches of Piraeus Bank and units of Eurobank, in Serbia with 11 branches of Atlas Bank and in Egypt with 18 branches of Egyptian Commercial Bank.

Main strategic targets of Piraeus Bank Group are: enhancing market share in Greece and the Balkans, improving service quality and customer satisfaction, creating innovative products, further enhancing the Group's position in retail banking and small and medium-sized enterprises financing, strengthening the Group in the areas of asset management and bancassurance and, finally, strengthening profitability with a view of constantly increasing shareholder value.

The Group's fundamental policy direction for human resources development is based on the efficient management of human resources, leading to the creation of skilful and dedicated personnel able to function within the framework of the competitive EU banking market. At the end of June 2005, the Group employed 7,767 people.

At the end of June 2005, Piraeus Bank Group had a network of 404 branches and its equity capital amounted to euro 1,292 mn. The clients' deposits, repos and retail bonds issued amounted to euro 12,528 mn, loans reached euro 14,299 mn and total assets were euro 19,228 mn.