RNS Number:5166P
Alpha Bank A.E.
08 September 2003


Press Release

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES, CANADA OR JAPAN



                                                           FOR IMMEDIATE RELEASE


                                 PRESS RELEASE


   Alpha Bank intends to sell treasury shares to institutional investors via

                            an accelerated bookbuild


Alpha Bank intends to sell up to 12 million ordinary shares that it currently
holds as treasury shares through Ionian Holdings. At present, Alpha Bank,
through Ionian Holdings, has about 15.8 million treasury shares which represent
8.6% of its outstanding capital.

JPMorgan and UBS will act as joint bookrunners on this transaction, with Alpha
Finance acting as the placement agent in Greece.

The shares are to be placed by way of an accelerated bookbuild process to
institutional investors. Alpha Bank has committed to a lock-up period of 180
days with respect to the issue or sale of equity.

                                     ENDS.


"This announcement is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration.


                        Enquiries:

Alpha Bank                             Financial Dynamics

Marinos Yannopoulos                    Geoffrey Pelham-Lane (London)

Tel: 0030 210 326 2366                 Tel: 0044(0) 20 7269 7294

Michael Massourakis                    Alastair Hetherington (Greece)

Tel: 0030 210 326 2828                 Tel: 0030 210 725 8194


JPMorgan                               UBS

Edward Sankey                          Louise Wilson

Tel: 0044(0) 20 7325 9599              Tel: 0044(0) 20 7568 1746


Alpha Finance

Paris Vassialidis

Tel: 0030 210 326 7818


                                                       Athens September 8, 2003


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