Trading of new shares

RNS Number:8183S
Alpha Bank A.E.
03 December 2003



                                 PRESS RELEASE


COMMENCEMENT OF TRADING OF NEW SHARES FOLLOWING THE MERGER OF ALPHA INVESTMENTS
                                WITH ALPHA BANK

Following the completion of the merger of Alpha Investments with Alpha Bank and
the discontinuance of trading of Alpha Investments' shares, Alpha Bank announces
that on Friday, December 5, 2003, 11.837.104 new common registered shares issued
following Alpha Bank's capital increase due to the merger, will be credited to
the stock accounts of the shareholders of the absorbed company Alpha
Investments. The new shares will commence trading in the Athens Stock Exchange
on the same date, December 5, 2003.

Within the context of the abovementioned merger, the Ministry of Development
also approved the cancellation of 1.270.000 Alpha Bank shares, which were held
by Alpha Investments, with a respective reduction of Alpha Bank's share capital.

As a result, the total number of common registered shares of Alpha Bank trading
on  the Athens Stock Exchange from Friday December 5, 2003, shall amount to
195.738.664 shares with a nominal value of Euro 4.87 each.

The fractions resulting from the exchange of shares will be sold and the
proceeds will be paid to the beneficiaries by crediting their deposit account or
by cheque posted to those who do not hold an account with Alpha Bank. Said
beneficiaries are the shareholders of Alpha Investments registered in the Athens
Central Depository as of November 28, 2003.


                                                        Athens, December 3, 2003



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