RNS Number:0200T
Alpha Bank A.E.
09 December 2003


                                 PRESS RELEASE


 SHARE CAPITAL INCREASE BY ALPHA BANK FOLLOWING EXERCISE OF STOCK OPTION RIGHTS
                         BY THE BANK'S MANAGERIAL STAFF


Alpha Bank's Board of Directors approved a capital increase of Euro473,709.77 by
issuing 97,271 common shares of Euro4.87 each, following the exercise of stock
option rights by the Bank's managerial staff, as provided for by the approved at
the General Shareholder Meetings of 11/4/2000 and 9/4/2001 stock option
programme.


As a result, the shareholders' equity of the Bank amounts to Euro953,721,003.45
divided into 195,835,935 shares of Euro4.87 each.


The new shares will start trading at a date to be specified by further
announcement.

Athens, December 9, 2003

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