RNS Number:6332S
Alpha Bank A.E.
28 November 2003



Completion of merger by absorption of Alpha Investments by Alpha Bank -
Cessation of trading of the shares of Alpha Investments on the Athens Stock
Exchange



Alpha Bank announces that on Friday, November 28, 2003 the resolution of the
Ministry of Development concerning the approval of the merger by absorption of
Alpha Investments by Alpha Bank was recorded in the Registry of Societes
Anonymes.



As of Monday, December 1, 2003, the share of the absorbed Alpha Investments will
no longer be negotiated in the Athens Stock Exchange.



Those shareholders of Alpha Investments registered on November 28, 2003 are
entitled to newly issued shares by Alpha Bank, as a result of the absorption at
a rate of 1 share of Alpha Bank for every 5.3 shares of Alpha Investments, of a
nominal value of Euro 4.87 per share.

Alpha Bank's shareholders will maintain the number of shares they already own,
but of a new nominal value of Euro 4.87 per share as against the current nominal
value of Euro 4.15



Following the above merger, the share capital of Alpha Bank amounts to Euro
953,247,293.68 divided into 195,738,664 shares, of a nominal value of Euro 4.87
per share.



The date, on which the accounts of Alpha Investments' shareholders will be
credited with the new shares of Alpha Bank, shall be announced through the
Press.



                            Athens, November 28, 2003




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