The Dutch bank-insurer ING and the Greek bank PIRAEUS BANK have signed an agreement defining the terms of their alliance on the Greek market. Thus, the two groups are to create joint-ventures in the insurance business intended for employees and asset management. These joint-ventures will operate under the sign ING PIRAEUS. The agreement also provides for PIRAEUS BANK taking a 20% stake in ING's insurance business in Greece, whereas ING will enter the capital of PIRAEUS BANK to the tune of 5%. PIRAEUS BANK will, moreover, take over the banking activities of ING in Greece. Finally, the two partners have decided to study possibilities for co-operation on other markets, such as Bulgaria and Turkey.