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CREDIT BANK A.E. ESTABLISHES ADR FACILITY

 NEW YORK, March 11 /PRNewswire/ -- Credit Bank A.E., Greece's largest private sector bank and fast-growing financial services group, today announced that it has established a sponsored American Depositary Receipt (ADR) facility. The ADRs will trade over-the-counter on the pink sheets, with four ADRs representing one common voting share of Credit Bank.
 Morgan Guaranty Trust Company of New York has been selected to act as the depositary for these ADRs. Baring Securities and Wertheim Schroeder will be making a market for the ADRs.
 Yannis S. Costopoulos, chairman of Credit Bank, said, "Establishing an ADR is part of our program to broaden the investor base of Credit Bank and to make our shares more accessible to international investors. We are very confident in the future of our bank and the development of our wider financial services group through innovation and added value products."
 For the year-ended Dec. 31, 1992, Credit Bank's total deposits including
REPOS were DR 930 billion, up 31 percent from the previous year. Total net profits for the year were DR 23.8 billion, a 17 percent increase over 1991. Credit Bank is the third largest company listed on the Athens Stock Exchange by market capitalization, DR 115 billion as of Dec. 31, 1992, and is the most widely held share with approximately 25,000 shareholders.
 Credit Bank, founded in 1879, is well-established in Greece with a 8.5 percent market share in commercial banking based on deposits. Through its nationwide network of 135 on-line branches and over 200 ATM machines, Credit Bank has assumed a leading role in implementing modern banking practice into Greece. In order to maintain this role, Credit Bank offers diversified services including: retail, corporate, and merchant banking, fund management, broking, leasing, insurance, real estate, information services, and electronic data processing.
 -0- 03/11/93
 /NOTE TO EDITOR:
 Principal Areas of Operation
 Credit Bank's ares of business include:
 -- retail banking: focused on the higher net worth market across Greece and the development of added value services;
 -- corporate banking: providing a complete corporate banking service;
 -- merchant banking: through Alpha Finance which has become an acknowledged force in the Greek financial sector, notably in capital markets, fund management, privatizations, mergers and acquisitions and venture capital;
 -- fund management: where Credit Bank, through its mutual funds, is the largest professional money management company in Greece;
 -- broking: through Alpha Brokerage which, with a 7 percent share of a fragmented market, is one of the country's largest three stock brokerage companies;
 -- leasing: through Alpha Leasing, the country's largest leasing company with a 30 percent market share, which is also publicly quoted, and
 -- insurance, real estate, information services and electronic data processing.
 Financial Highlights
 (Dr million) 1988 1989 1990 1991 1992
 Total assets 468,956 574,575 735,181 821,526 1,083,030
 Net profit 4,396 6,998 18,235 20,302 23,837
 Market capitalization, Dec. 31, 1992: Dr 115,830m ($540m)
 Scenario of Greece
 -- Population of 10.1 million with per capital GDP of $7,800 in 1992.
 -- Key industries include: tourism, services, mining, agriculture, fishing and manufacturing.
 -- Current government elected to power in 1990. New government established program of fiscal, financial, monetary and price reforms, as well as a privatization plan.
 -- Legislation passed in 1992 to privatize business. Of the 141 firms available for denationalization, 60 were liquidated, 28 were sold (including AGET-Hercules, and others which belong to several branches of economic activity, resulting in approximately $1 billion in revenue for the government), and 53 remain at various stages in the process of being privatized.
 -- Inflation, in February 1993, was 14.5 percent, down form 22.3 percent in February 1992. Government plan aims to reduce inflation to a level less than 10 percent in 1993.
 -- Public sector deficit is 12.5 percent of GDP in 1992, down from 15.7 percent in 1991. Government plan aims to reduce public sector deficit to a level less than 9 percent in 1993.
 -- Total market capitalization of Athens Stock Exchange is $12.7 billion, as of Dec. 31, 1992.
 Exchange rate US$1 equals DR 214.580 (Dec. 31, 1992)
 US$1 equals DR 175.280 (Dec. 31, 1991)/
 /CONTACT: Constantine Karamanis of Credit Bank, 011-301-326-2828, or Corey Cutler of Dewe Rogerson, 212-688-6840, for Credit Bank/


CO: Credit Bank A.E. ST: IN: FIN SU:

AH-CK -- NY040 -- 5093 03/11/93 12:19 EST
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Date:Mar 11, 1993
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