RNS Number:4036M
Alpha Bank A.E.
17 June 2003





                                 Press Release

                      FIXED HOUSING LOANS INTEREST RATES:

                            THE LOWEST IN THE MARKET

" We are pleased to announce a significant decrease in the fixed interest rates
of our housing loans, aiming at offering our clients the best solutions which
alleviate the family budget."

                                                           Yannis S. Costopoulos

                                      Chairman and Managing Director, Alpha Bank


After the recent decrease in interest rates by 0.50 percentage points by the
European Central Bank, Alpha Bank announced an equivalent decrease in the
variable interest rates of housing and consumer loans and of credit cards, thus
returning the whole profit to its clients.

Today, Alpha Bank reduces the fixed housing loans interest rates as well.

In particular, by choosing the Alpha Housing Plan our clients secure the lowest
fixed interest rates in the market, with a duration from 3 to 15 years as
follows:

Alpha Housing Plan

 Duration           Interest rate*

3 years                     4.60%
5 years                     5.15%
7 years                     5.60%
10 years                    6.00%
15 years                    6.40%

* 4% interest rate for the first 18 months

Our existing clients, who already have housing loans with Alpha Bank, by
choosing a fixed interest rate, either during the variable interest rate period
or at the end of the fixed interest rate period, will benefit from the following
reductions:

Fixed Houing Loans Interest Rates

3 years  from      5.50%     to 5.00%

5 years  from      5.80%     to 5.40%

7 years  from      6.10%     to 5.90%

10 years from      6.50%     to 6.20%

15 years from      6.75%     to 6,40%

To the above interest rates one should add the contribution of Law 128/75.

Athens, June 13, 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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