Emporiki Bank today announced the signing of its newly established EUR 2.0 billion Medium Term Note Programme on July 20th 2004, arranged by Morgan Stanley & Co. International Limited.

Emporiki Bank intends to use the programme for long-term funding to further diversify its funding sources. The programme is rated Baa1 by Moody's, BBB- by Standard and Poor's and BBB+ by Fitch.

Emporiki Bank has mandated Alpha Bank, Morgan Stanley and National Bank of Greece as joint lead managers for its inaugural Euro-denominated Lower Tier 2 benchmark transaction. The issue will be in 10NC5 FRN format. The transaction will be launched in the near future subject to market conditions. FSA/IMPA stabilization shall apply.

Programme Terms are:
Issuer: Emporiki Group Finance PLC or Emporiki Bank of Greece S.A.
Guarantor: Emporiki Bank of Greece S.A.
Arranger: Morgan Stanley & Co. International Limited
Dealers: ABN AMRO Bank N.V., Banc of America Securities Limited, Calyon, Credit Suisse First Boston (Europe) Limited, Deutsche Bank AG London, Emporiki Bank of Greece S.A., Goldman Sachs International, J.P. Morgan Securities Ltd., Merrill Lynch International, Morgan Stanley & Co International Limited, National Bank of Greece S.A. and UBS Limited
Amount: EUR 2.0 billion
Type of Debt: Senior Notes or Dated Subordinated Notes
Distribution: Public issues and private placements
IPA: Deutsche Bank

For further information please contact:
Morgan Stanley & Co. International Limited
Andrew Readinger
Managing Director
Head of FIG Debt Capital Markets
+44 207 677 7711
Emporiki Bank of Greece S.A.
Vassilios Psaltis
Investor Relations Officer
+30 210 328 4910

About Emporiki Bank:
Emporiki is the fourth largest commercial bank in Greece by total assets with c.11% of the domestic lending market. Supplementing its commercial banking activities, offered through its extensive distribution network in Greece (375 branches), the bank offers a range of financial services including insurance, investment banking, consumer finance and asset management. It has a limited presence in the UK, Germany, Cyprus and the Balkan/Black Sea region. At end-2003, 9.4% of Emporiki's shares were held directly by the Greek government and c. 33% were owned by state-affiliated bodies.