Athens Macedonian News Agency: News in English, 13-12-08

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Three cooperative banks to close, central bank announces

[01] Three cooperative banks to close, central bank announces

According to the central bank announcement, the decision was taken after deadlines given for the recapitalisation of the three banks expired without the necessary funds being raised, for the protection of the clients' deposits. The deposits were undertaken by Alpha Bank, following a successful bid in a bidding process conducted in accordance with the relevant 2007 legislation.

The three cooperative banks will be placed in special liquidation, the result of which will satisfy demands of third parties in the order set out by law, with the firm Ernst & Young (Hellas) Chartered Accountants SA appointed as liquidator. The funds deposited in interim accounts for the capital increase will be returned.

Alpha Bank, meanwhile, issued an announcement stressing that all the deposits it has undertaken are fully guaranteed and that it will exclusively assume the deposits and not any other assets and/or liabilities of the three banks.

Upon completion of the accounts' transfer process to its systems, Alpha Bank will notify their beneficiaries, as to the commencement date of their servicing through its branch network.

Alpha Bank also announced its intention to maintain a physical presence through its branches in certain remote areas where the cooperative banks have been operating, as well as plans to offer employment opportunities to the personnel of the three banks, following a selection process.

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