**EXHIBIT 8**
     **LISTOF SUBSIDIARIES**                       **Bank’s Participation as at December 31, 2003**  **Country of** ** ** ** ** ** ****Primary Operating Area** **incorporation** **Direct** **Indirect** **Total**International banking activities                Atlantic Bank of New York USA  100.00%  —   100.00%National Bank of Greece (Canada) Canada  100.00%  —   100.00%The South African Bank of Athens Ltd. South Africa  88.69%  10.61%  99.30%National Bank of Greece Cyprus Ltd. Cyprus  100.00%  —   100.00%Stopanska Banka A.D. FYROM  71.20%  —   71.20%United Bulgarian Bank (UBB) Bulgaria  89.91%  —   89.91%Banka Romaneasca Romania  81.65%  —   81.65%Investment banking and venture capital                NBG Venture Capital S.A. Greece  —   100.00%  100.00%National Development of Northern Greece S.A. Greece  65.00%  —   65.00%NBG Balkan Fund Ltd. Cyprus  100.00%  —   100.00%NBG Greek Fund Ltd. Cyprus  100.00%  —   100.00%ETEBA Emerging Markets Fund Ltd. Cyprus  100.00%  —   100.00%ETEBA Estate Fund Ltd. Cyprus  100.00%  —   100.00%ETEBA Venture Capital Management S.A. Cyprus  100.00%  —   100.00%NBG International UK  100.00%  —   100.00%ETEBA Bulgaria A.D. Sofia Bulgaria  92.00%  8.00%  100.00%ETEBA Romania S.A. Romania  100.00%  —   100.00%ETEBA Advisory Romania  —   100.00%  100.00%InnovativeVentures S.A. (I-Ven) Greece  —   100.00%  100.00%Financial Services                National Securities S.A. Greece  100.00%  —   100.00%Ethniki Kefalaiou S.A. Greece  100.00%  —   100.00%Diethniki S.A. Greece  81.00%  19.00%  100.00%NationalManagement and Organization Company S.A. Greece  100.00%  —   100.00%Ethniki Leasing S.A. Greece  93.33%  6.67%  100.00%Ethniki Mutual Fund Management S.A. Greece  100.00%  —   100.00%National Securities Cyprus (Ethnosecurities) Cyprus  —   100.00%  100.00%NBGI Inc. USA  —   100.00%  100.00%NBGI Private Equity Limited UK  —   100.00%  100.00%NBG Finance UK  100.00%  —   100.00%NBG Funding Limited UK  100.00%  —   100.00%Interlease A.D. Sofia Bulgaria  87.50%  —   87.50%NBGI Jersey Ltd. UK  —   100.00%  100.00%NBG Luxembourg Luxembourg  94.67%  5.33%  100.00%NBG Luxfinance Luxembourg  94.67%  5.33%  100.00%NBG Asset Management France  100.00%  —   100.00%NBG International Asset Management France  100.00%  —   100.00%National Investment Company Greece  36.42%  —   36.42%Insurance                NBG Bancassurance S.A. Greece  99.70%  0.30%  100.00%Ethniki Hellenic General Insurance Greece  76.00%  0.55%  76.55%Business consulting                Ethnodata Greece  98.41%  1.59%  100.00%NBG Training Center S.A. Greece  98.00%  2.00%  100.00%

 
                       **Bank’s Participation**  **Country of** ** ** ** ** ** ****Primary Operating Area** **incorporation** **Direct** **Indirect** **Total**Selected non-banking participations                NBG Management Services Cyprus  100.00%  —   100.00%National Real Estate Greece  79.60%  0.44%  80.04%DIONISOS S.A. Greece  —   99.81%  99.81%KADMOS S.A. Greece  100.00%  —   100.00%EKTENEPOL Construction Company Greece  —   100.00%  100.00%Mortgage, Tourist PROTYPOS S.A. Greece  —   100.00%  100.00%GRAND HOTEL SUMMER PALACE S.A. Greece  100.00%  —   100.00%Hellenic Tourist Constructions S.A. Greece  —   77.76%  77.76%ASTIR PALACE VOULIAGMENIS S.A. Greece  76.75%  0.83%  77.58%ASTIR ALEXANDROUPOLIS S.A. Greece  100.00%  —   100.00%National Art S.A. (under liquidation) Greece  100.00%  —   100.00%