ALPHA SERVICES AND HOLDINGS S.A.

Approval of merger with Alpha Romanian Holdings Company S.A.

Alpha Bank announces that on November 24 2003, the resolution of the Ministry of Development concerning the approval of the merger by absorption of Alpha Romanian Holdings Company A.E. by Alpha Bank, was recorded in the Registry of Societes Anonymes.

Alpha Romanian Holdings Company is a 100% subsidiary of Alpha Bank, thus the increase of the Bank?s share capital and the issue of new shares are not required for the completion of the above merger.