Bank Cyprus with the acquisition of Arab Bank Cyprus. In 2002 the bank absorbed 58% of ETBA Bank (Hellenic Industrial Development Bank). PB also started a strategic alliance with ING Group, which took a 5% stake in the Piraeus Bank. In 2006 the PB sold back to ING its stake in a jointly owned mutual funds company. Cooperation continues via the bank-assurance company ING-PIRAEUS. In 2005 Piraeus Bank acquired the Belgrade-based Atlas banka in Serbia (today Piraeus Bank Beograd with 42 branches), and the Egyptian Commercial Bank (today Piraeus Bank Egypt with 43). In 2007 PB purchased the Cyprus arm of Arab Bank and renamed it Piraeus Bank (Cyprus). On 13 September 2007 Piraeus Bank completed its acquisition of 99.6% of the share capital of International Commercial Bank in Ukraine, today named Piraeus ICB. Financial crisis Within the European debt crisis, Piraeus Bank has been subject to the Greek austerity packages: the Hellenic Financial Stability Fund became its main stock holder since 2012 and remained such as of 2020. In 2011, according to reports in July 2012, the bank obscured its real access to capital by providing circular loans to finance purchase of its own stock through undeclared offshore companies. In 2012, Piraeus Bank took part in the restructuring of the Greek banks, gaining a leading position in the Greek banking sector. In June 2012 Piraeus Bank sold its shares in Marathon Banking Corporation (New York City) to Investors Bancorp. The capital was used to finance the take over of the Greek banks Geniki Bank and healthy parts of ATEbank. In 2012 it acquired the so-called 'good' part of Agricultural Bank. In December 2012 it acquired Societe Generale's Geniki Bank. In 2013, Piraeus Bank was considered as having sufficient capital and was included in the group of 4 systemic banks which would be coordinated by the Hellenic Financial Stability Fund to absorb undercapitalised banks. It would reach an international presence consisting of 370 branches focusing in Southeastern Europe and the Eastern Mediterranean as of 2014. In March 2013 it took over the Greek branches of Bank of Cyprus, Hellenic Bank and CPB Bank. In June 2013 it took over Millennium Bank (Greece). In April 2015 it also absorbed the 'good' parts of small Greek Cooperative bank Panellinia. In May 2015 it sold its subsidiary in Egypt to Al Ahli Bank of Kuwait. After a probe by the European Commission over