Alpha Bank today signed an agreement to purchase an 88.64% stake in Jubanka a.d. Beograd, a Serbian bank, as part of its strategy to expand its banking operations in South Eastern Europe. Alpha Bank is paying a total consideration of Euro 152 million to acquire all of the 936,182 shares currently held by the Republic of Serbia and Jugobanka, who respectively hold 82.69% and 5.95% of Jubanka?s ordinary shares in issue. Alpha Bank will launch by June 2005 a tender offer for the remaining 11.36% of Jubanka ordinary shares in issue, currently held by 1,685 minority shareholders, with terms equivalent to those in the agreement with the two principal sellers. The transaction is subject to regulatory approvals.

The acquisition of Jubanka will build on Alpha Bank?s presence in Serbia, strengthening our operations with 90 branches, 286,000 retail and 30,000 business customers. Serbia is a key market for Alpha Bank in terms of growth prospects in the retail, corporate and public sectors. Alpha Bank intends to optimise prospects in these segments by developing local marketing and introducing a portfolio of new financial products and services. In this growth context, Alpha Bank, for the first three years of operation, will maintain the Jubanka workforce at the level recorded at the end of June 2004.

Mr Yannis S. Costopoulos, Chairman and Managing Director of Alpha Bank said:

'The acquisition of Jubanka is a significant step forward in implementing Alpha Bank?s growth strategy in South Eastern Europe. The synergies arising from the combination of our capabilities as a well-established regional player with Jubanka?s strong local franchise will help Alpha Bank to become the financial services provider of choice for households and businesses in Serbia.'

For more information please contact:

Alpha Bank
Michael Massourakis, Manager Strategy, Economic Research and Investor Relations
+30 210 326 2828
mmassourakis@alpha.gr
Financial Dynamics
Geoffrey Pelham-Lane/Emma Buchanan (London)
Tel: 0044(0)20 7269 7294
Alastair Hetherington (Greece)
Tel: 0030 210 725 8194

About Alpha Bank

Alpha Bank, founded in 1879, is the second largest Bank in Greece with about 16% market share. With 445 branches, Alpha Bank is also active in South Eastern Europe (Albania, Bulgaria, Romania, FYROM, Serbia and Montenegro) and Cyprus. Alpha Bank offers a comprehensive range of financial services to private and corporate customers. With approximately Euro 32 billion in assets, more than Euro 2 billion in equity, Alpha Bank generated Euro 284 million in profits after tax and minorities in 2003 and more than Euro 300 million in profits after tax and minorities in the 9month period of 2004. Alpha Bank is listed on the Athens Exchange with a market capitalisation of about Euro 6.2 billion and is a constituent of the Eurotop 300 Index. Alpha Bank was the Official Bank of the ATHENS 2004 Olympic Games.

About Jubanka

Jubanka, established in 1991, is the seventh largest bank in Serbia with approximately 1,300 employees and about 4% market share. In June 2004, Jubanka reported Euro 219 million in total assets and Euro 115 million in shareholders? equity. Jubanka offers an extensive range of banking products and services including current/term deposit accounts (in local & foreign currency), short/long term loan facilities (in local & foreign currency), as well as retail/corporate cards, and brokerage services. Jubanka is also one of the leading providers of Visa card in Serbia. Products and services are delivered through a geographically diverse network of 90 branches, numerous ATMs, electronic and phone banking facilities to about 286,000 retail and 30,000 corporate customers.