RNS Number:5910P
Alpha Bank A.E.
10 September 2003





Press Release

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

                                                           FOR IMMEDIATE RELEASE



       Alpha Bank successfully completes Euro 273 million share offering

"We are delighted by the strong demand from international investors which has
allowed us to increase the size of the transaction and place our entire treasury
stock position. The placing will strengthen our capital position, supporting
further disciplined growth with sustained profitability"


Yannis S. Costopoulos, Chairman and Managing Director of Alpha Bank


Alpha Bank SA (alpha), Greece's second largest bank, has today completed the
placement of 15.9 million ordinary shares, representing 8.6% of its issued share
capital and the entire holding of treasury shares in Alpha Bank held by Ionian
Holdings. The shares were priced at Euro 17.20, a less than 1% discount to
yesterday's closing price.


The placement was lead managed by JPMorgan and UBS Investment Bank with Alpha
Finance acting as the placement agent in Greece. The placing, which was done by
way of an accelerated bookbuild, attracted strong demand from international and
domestic institutional investors.


Over 80% was placed with international institutional investors and the remaining
with domestic institutional investors.


Mr Marinos Yannopoulos, Executive General Manager and Chief Financial Officer,
added: "This placing diversifies our shareholder base, enhances the liquidity of
our stock, and further strengthens our capital base. Above all, it demonstrates
a continued strong appetite of international investors for Alpha Bank shares."


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. Any public offering of securities to be made
in the United States will be made only by means of a prospectus that may be
obtained from the issuer or selling security holder and that will contain
detailed information about the company and management as well as financial
statements.


                        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

UBS Investment                                      JPMorgan
Louise Wilson                                       Marius Brinkhorst
Tel: +44-20-7568 1746                               Tel: +44-20-7325 3913

Alpha Finance
Paris Vasiliadis
Tel: 0030 210 326 7818





                                        Athens September 10, 2003










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