Approval of merger

RNS Number:4885R
Alpha Bank A.E.
30 October 2003



PRESS RELEASE


                THE MERGER OF ALPHA INVESTMENTS WITH ALPHA BANK
                 IS APPROVED BY THE SHAREHOLDERS OF ALPHA BANK


The Second General Meeting of Shareholders to decide upon postponed items from
the Extraordinary General Meeting of Alpha Bank of October 30, 2003, approved
the merger of Alpha Investments by Alpha Bank through absorption of the former
by the Bank, as well as the draft contract and the merger acts of the two
Companies.


The merger has already been approved by the General Meeting of Shareholders of
Alpha Investments, which took place on October 14, 2003 and it is expected that
the consequent approvals of the competent authorities will be obtained by the
end of November 2003.


It is noted that, only those shareholders of Alpha Investments registered on the
date of registration of the approval by the Ministry of Development in the
Registry of Societes Anonymes, will be entitled to shares of Alpha Bank. The
date, on which the shareholders' accounts will be credited, shall be announced
through the Press.


                                                        Athens, October 30, 2003


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