"We are delighted to report that almost all of the minority shareholders in Alpha Leasing have accepted our offer. We expect to complete the de-listing of the company from the Athens stock exchange shortly. The move will help simplify the structure of the Group, allow us to develop opportunities with our commercial banking business and further maximize shareholder value."

Alpha Bank announces that it now holds over 98% of Alpha Leasing, following a successful Public Tender Offer period that ended on 19 April 2004.

The Bank is pursuing the necessary formalities for the de-listing of Alpha Leasing from the Athens Stock Exchange, which are expected to be completed by the end of June 2004.

Alpha Bank will continue to buy shares on the Athens Stock Exchange in order to satisfy the remaining minority shareholders in Alpha Leasing, pending further announcement.

Enquiries:
Alpha Bank
Michael Massourakis, Manager Strategy, Economic Research and Investor Relations
Tel: +30 210 326 2828

Financial Dynamics
Geoffrey Pelham-Lane Tel: +44 (0) 20 7269 7194