RNS Number:4640N
Alpha Bank A.E.
11 July 2003


Following the decisions of the Boards of Directors of Alpha Bank and Alpha
Investments, dated 5 June 2003, regarding the merger by absorption of the latter
by the former, with a share exchange ratio of 5,3 shares of Alpha Investments
for 1 share of Alpha Bank, the Boards of Directors of both companies approved,
on their meeting of 10 July 2003, the Draft Merger Agreement.

After the completion of the merger, the share capital of Alpha Bank will amount
to Euro 953.247.294, divided into 195.738.664 shares with nominal value of Euro
4,87 each.


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