Alpha Bank today confirmed that an agreement has been reached with Anadolu Group to create a strong franchise in the Turkish financial sector. Through this partnership, Alpha Bank enters a rapidly developing sector in a large and fast growing market. The Anadolu Group is one of the preeminent industrial concerns in Turkey and is also the majority owner of Abank (Alternatifbank). Alpha Bank''s banking expertise combined with Anadolu Group''s extensive business presence in the Turkish market, will transform Abank to a truly universal bank, offering a wide spectrum of high quality products and services to both businesses and retail customers. The bank targets a network of over 100 branches over the medium term, concentrated mainly in the largest cities.
The transaction is valued at USD 492.5 million (Euro 384.3 million). Alpha Bank will ultimately contribute a cash consideration equal to half of said amount. The two parties will jointly establish a fifty-fifty holding company whose assets consist of the shares currently owned by the Anadolu Group in both Abank and Alease (Alternatiflease), that is 94% and 95% stakes respectively. The holding company will also own, indirectly, 100% of the brokerage firm Alternatif Yatirim, 45% of the listed closed-end investment fund Alternatif Yatirim Ortkaligi, as well as the head offices of the bank and the brokerage company, situated in premium locations of Istanbul. Furthermore, the parties will launch a voluntary public offer for the acquisition of the minority shares of Abank and Alease with the same terms as those accrued to the majority shareholders, following closing of the transaction.
The parties have also agreed to enter into a shareholders'' agreement which provides for equal representation in the Board of Directors and joint decision making in all matters of strategic importance. Abank''s current Chairman, Mr. Tuncay Ozilhan, will be the Chairman of the holding company''s and Abank''s Boards of Directors. Mr. Ozilhan has served for three terms as president of the Turkish Industrialist and Businessmen''s Association (TUSIAD).
The completion of the transaction is subject to the finalisation of customary due diligence and regulatory approvals and is expected in the first quarter of 2007.

About Alpha Bank
Alpha Bank, founded in 1879, is one of the largest banks in Greece. With a network in Greece and abroad of 610 Branches, Alpha Bank is also increasingly active in Southeastern Europe, mainly in Romania, Bulgaria, Serbia, Albania, FYROM and Cyprus. Alpha Bank offers a comprehensive range of financial products and services to private and corporate customers. With approximately Euro 48 billion in assets and about Euro 3 billion in equity at 30 September 2006, Alpha Bank generated Euro 473 million in the nine months of 2006 in net profit attributable to shareholders. Alpha Bank is listed on the Athens Exchange with a market capitalisation of about Euro 10 billion and is a constituent of the Eurofirst 300 Index.

About Anadolu Group
The Anadolu Group was founded by the Yaz''c'' and zilhan families in the early 1950''s. The Group is well diversified with interests primarily in beverages, automotive, financial services and writing instruments and stationery both in Turkey and abroad. The Group is also active in a number of other sectors that include packaging materials, tourism, trade, consumer durables, food and chain restaurant management. A majority of Anadolu Group companies conduct their businesses through partnerships and joint ventures with a number of international corporations. The Group is associated with very well known brand names, such as Efes Pilsen, Coca Cola, Isuzu, Kia, Lada, Faber-Castell, Adel, Mc Donald''s, Samsung, Interbrew, SAB Miller, Warsteiner, Itochu and Lombardini. In 2005, Anadolu Group''s non-banking turnover reached USD 2.9 billion, stemming mainly from beverage and automotive operations.About Abank,
Abank A.S. is a middle-sized Turkish bank with a network of 30 branches across the country, predominantly serving SMEs. Abank is also active in brokerage through its 100% subsidiary, Alternatif Yatirim. Established in 1991, Abank became a listed company in 1995 with approximately 5% of its shares publicly traded on the Istanbul Stock Exchange (ISE). As of 30 September 2006, it had Euro 1,017 million in assets and Euro 101.1 million in equity, while it generated Euro 17.5 million in the nine months of 2006 in net profit attributable to shareholders at current exchange rates.

About Alease
Alease, the financial leasing company formed by the Anadolu Group in 1997, has a customer base consisting of small and very small companies, having a market share of about 2%. Alease aims at profitable growth driving its market share at 3% in the medium term. As of 30 September 2006, it had Euro 101 million in assets and Euro 15 million in equity, while it generated Euro 3.5 million in the nine months of 2006 in net profit attributable to shareholders at current exchange rates.