Aspis Bank SA and Standard Chartered Grindlays Bank Ltd, having received the consent of the Bank of Greece, signed today, 31stof October 2003, the final agreement for the completion of the purchase by Aspis Bank SA, of the business of Standard Chartered Grindlays Bank Ltd, in Greece.

The business of Standard Chartered Grindlays Bank Ltd in Greece comprises two branches, is active in commercial and corporate banking and offers deposit and investment services to selected private clients. The sale to Aspis Bank SA accords with Standard Chartered Bank's strategy of concentrating on its main markets in Asia, Africa and the Middle East.

Aspis Bank's Management, believes that the acquisition of the business in Greece of Standard Chartered Grindlays Bank Ltd accords with its strategy of conservative expansion through the acquisition of complementary businesses, and expects significant benefits from this acquisition in the immediate future.

Aspis Bank SA, member of the Aspis Group of Companies, is listed on the Athens Stock Exchange. The Bank, with total assets exceeding Euro 1.6 billion, provides a full retail banking service within Greece through its headquarters in Athens and a network of 65 branches throughout Greece.

Standard Chartered Bank is one of the World's Leading Banks with total assets exceeding Euro 90 billion and has a major presence in Asia, Africa and the Middle East in more than 500 locations in 50 countries.

Standard Chartered Grindlays Bank's Management believes that the sale of its business in Greece to Aspis Bank SA, is in the best interests of both its customers and staff.