RNS Number:8747K
Alpha Bank A.E.
08 May 2003


     ORDINARY GENERAL MEETING OF SHAREHOLDERS OF ALPHA BANK ON MAY 8, 2003

              EURO 0.40 DIVIDEND PER SHARE PAYABLE ON MAY 22, 2003

              STATEMENT BY THE CHAIRMAN OF THE BOARD OF DIRECTORS,

                           Mr. YANNIS S. COSTOPOULOS

At the Ordinary General Meeting of Shareholders of Alpha Bank, which took place
today, the Chairman of the Board of Directors and Managing Director Mr. Yannis
S. Costopoulos announced that year 2002 was once again a creative year for the
Bank and the Group, while the Greek economy was adaptating to the new,
competitive European environment in the wake of the introduction of the Euro.

During the year 2002, the Bank increased its activities and market share in
important sectors, with impressive progress in modernising technology
infrastructure while restricting costs.

In the loan sector, emphasis was given on developing new, comprehensive housing
loan programmes. In deposits, new investment products were developed towards
providing differentiated yields, depending on customers' requirements.

The Bank, as Grand Sponsor of the ATHENS 2004 Olympic Games, is supporting a
major national event and is participating in the common effort, while
strengthening its ties with its clients. Its planning includes the offer of
banking products, and spesialised services to sponsors and firms associated with
the holding of the Games.

In order to restrict operating expenses, the Bank applied successfully an early
retirement scheme, with the result that Personnel, which numbered 8,000 on
31.12.2001, has now been reduced to 7,800 and will stand at approximately 7,400
employees at the end of the current year. This number includes 174 employees,
mainly recruited to cover the needs of the new Branches abroad.

In 2002, the Bank implemented the provisions of Law 3091/2002, to offset the
remaining goodwill from the acquisition of the Ionian Bank, amounting to Euro
578.7 million. The offsetting is realised over two fiscal years by means of
taxable reserves and of the difference arising from the issue of shares above
par. This write-off eliminates the annual charge of Euro 33.4 million which
would have otherwise persisted for 18 years, while the amount of Euro 578.7
million is in any case deducted for the calculation of the capital adequacy
ratio. Thus, equity capital, including third-party rights, amounted at the end
of the year to Euro 1.3 billion, as against Euro 1.9 billion on 31.12.2001.

The Group's net earnings before tax and minority rights amounted to Euro 272
million. After tax and minority rights they amounted to Euro 172.5 million, as
against Euro 241.1 million in 2001, adjusted to reflect the annual depreciation
of goodwill. Thus, earnings declined by 28%.

The Group's Assets on 31.12.2002 amounted to Euro 28.7 billion.

Loans increased by 18% and amounted to Euro 17.3 billion. Deposits and repos
amounted to Euro 23.2 billion, declining by 7% as compared to 2001, due to the
shift of the clientele to bond markets and other investments.

Net income from interest and commissions grew by 2.5%. Commissions were
unfavourably affected by conditions prevailing in the capital markets, which
decrease commissions on mutual funds and brokerage transactions.

Performance indices remained at satisfactory levels. The Margin (the ratio of
net interest income to average assets) increased to 2.5% in 2002, up from 2.4%
in 2001. Return on Equity (ROE) stood at 17.8%, as against 26.4% in 2001.

The Bank's policy is to maintain a basic capital adequacy ratio above 7% and a
total ratio over 10%. On 31.12.2002 the above ratios stood at 7.3% and 10.1%
respectively.

In the context of efficient money management, the Bank issued subordinate debt
in an innovative manner, introducing for the first time in Greece new financial
products in the form of hybrid tier capital, from which it raised Euro 200
million.

A distribution of Euro 0.40 dividend per share is proposed for 2002, payable on
May 22, 2003.


                          ****************************



In 2002, the Bank focused on restructuring the Branch network in Greece and
abroad. The plan to merge Branches located in the same areas continued, in the
context of restricting operating expenses and towards evaluating and turning to
account fixed assets and redeploying them in other units, according to the case
each time.

Concurrently, new Branches opened in areas where the Bank had no previous
presence. Currently, the network throughout Greece numbers 410 Branches.

The Branches now function under the framework of the operational restructuring
programme; the clientele is divided into segments and served by specialised
products and services.

The electronic distribution networks are constantly being enriched with new
capabilities for providing value added services to businesses and consumers. The
capabilities of the 770 ATM Is installed in Bank Branches and other premises are
also being enhanced, as are those of 50 Group ATMs located abroad and of 28,000
Alphalink (EFT-POS) terminals installed on the premises of firms for card
transactions.

As regards products and servises, Mr. Costopoulos pointed out that in 2002:

Housing loans posted an impressive increase of 91% and consumer loans increased
by 23%.

Recently, the Bank announced a new housing loans' programme of fixed interest
rates, with a durations from 3 to 15 years, in order to channel our clientele to
fixed-rate housing loans

Furthermore, the Bank, in the context of its further expansion in the retail
banking sector, is developing products that will facilitate the growth of small-
and medium-sized enterprises, and products that will assist parents to support
their children, while creating opportunities for the young people themselves.

In the context of the ATHENS 2004 Olympic Games Sponsorship, an agreement was
recently announced, with the telecommunication companies IOA and COSMOTE, also
grand sponsors of the Games, to present the "EPATHLON" programme, which rewards
the use of products and services marketed by the three sponsors and is based on
the ATHENS 2004 VISA card, which henceforth shall be issued jointly.



                         *****************************


Mr. Costopoulos pointed out that, Alpha Bank, the second largest Bank in Greece,
is at the helm of a group of financial sector companies covering a wide range of
activities and reflecting the needs of their clients, both individuals and
firms.

The results posted by the companies of the Group, particularly those not greatly
affected by the course of the capital markets, were satisfactory.

The earnings of Alpha Leasing in 2002 grew by 28% and market share rose to
approximately 19%.

ABC Factors continued its positive course in 2002, posting an earnings increase
of 92%. Its indices indicate that it maintained its position as the largest and
most reliable factoring firm in Greece, with a market share of approximately
55%.

The net earnings of Alpha Astika Akinita grew by 19%. The company leads the
joint-venture programme "Alpha Hospitality 2004", which will manage the
residential leases to cover the needs of spectators and visitors during the
Olympic Games.

Alpha Finance increased its share in stock market activities to 7.5%, up from 6%
in 2001, in a market that continued on a negative course with the result that
the volume of transactions dropped by 40%. In the field of consulting, Alpha
Finance played a leading role in almost all denationalisations.

Alpha Mutual Fund Management Company managed assets amounting to Euro, 3.1
billion at the end of the fiscal year. Excluding Money Market Mutual Funds, the
company had a market share of 15.8%, the second largest. It should be noted that
it has maintained the top position in stock mutual funds and that three of its
funds in bonds were classed as providing the highest returns (over 8%).

Alpha Private Banking provides comprehensive investment solutions to affluent
clients via an extensive network of 17 specialised investment centres and the
Bank's Branch network throughout Greece, and in collaboration with Alpha Bank
London and Alpha Bank Jersey.

The Group's Banks Alpha Bank London and Alpha Bank Jersey continue their
satisfactory course.

Alpha Bank Cyprus, during 2002, gave emphasis on investments in order to
reinforce infrastructure and improve alternative channels'operation and also
launchd new banking and insurance products.

Alpha Bank Romania entered the housing loan sector, and has extended its
operations in the sectors of financial transactions, investment banking, and
leasing.

Alpha Bank Skopje has now been in operation for ten years. Comparatively and
given the difficulties prevailing in the country, the Bank's earnings were
satisfactory.

Mr. Costopoulos also stated that the primary objective in the coming years is to
maintain the leading position held by the Alpha Bank Group in the domestic
financial and credit market, and to further develop its activities in the
countries of Southeast Europe.

                         ******************************

Mr. Costopoulos noted that Mr. Constantine Kyriacopoulos has exceeded the age
limit and retires from the position of General Manager.

However, he shall remain with the Bank us as a non-executive member of the Board
of Directors, until the expiration of the Board's term of office.

The General Meeting confirmed the election to the Board of Directors, of Mr.
Minas Tanes, Managing Director and General Manager of the Athenian Brewery S.A.

Furthermore, the General meeting confirmed the appointment as Independent
non-executive members, in application of Law 3016/17.5.2002 on corporate
governance, of Mr. Anastassios Averoff, Chairman of the Baron Michael Tossizza
Foundation, and Mr. Thanos Veremis, Professor at the University of Athens.

The Chairman and Managing Director of Alpha Bank finally announced that, the
Board of Directors, during the meeting of May 6, 2003, has resolved to maintain
the basic administrative structure of the Group that had been adopted last year,
involving the distinction between retail and wholesale activities and the
appointment of a Chief Financial Officer. The head in charge of these sectors
shall be Executive General Managers.



Athens, May 8, 2003






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