EXHIBIT 8

LIST OF SUBSIDIARIES

|                                               |  |              |  | Bank's Participation as at December 31, 2004 |  
|---------------------------------------------- |  | ------------ |  | -------------------------------------------- | -
|
|
|International banking activities               |  |              |  |                                              |  
|Atlantic Bank of New York                      |  | USA          |  | 100.00                                       | %
|National Bank of Greece (Canada)               |  | Canada       |  | 100.00                                       | %
|The South African Bank of Athens Ltd.          |  | South Africa |  | 91.42                                        | %
|National Bank of Greece Cyprus Ltd.            |  | Cyprus       |  | 100.00                                       | %
|Stopanska Banka A.D.                           |  | FYROM        |  | 71.20                                        | %
|United Bulgarian Bank (UBB)                    |  | Bulgaria     |  | 99.91                                        | %
|Banka Romaneasca                               |  | Romania      |  | 90.87                                        | %
|Investment banking and venture capital         |  |              |  |                                              |  
|NBG Venture Capital S.A.                       |  | Greece       |  |                                             |  
|National Development of Northern Greece S.A.   |  | Greece       |  | 65.00                                        | %
|NBG Balkan Fund Ltd.                           |  | Cyprus       |  | 100.00                                       | %
|NBG Greek Fund Ltd.                            |  | Cyprus       |  | 100.00                                       | %
|ETEBA Emerging Markets Fund Ltd.               |  | Cyprus       |  | 100.00                                       | %
|ETEBA Estate Fund Ltd.                         |  | Cyprus       |  | 100.00                                       | %
|ETEBA Venture Capital Management S.A.          |  | Cyprus       |  | 100.00                                       | %
|NBG International                              |  | UK           |  | 100.00                                       | %
|ETEBA Bulgaria A.D. Sofia                      |  | Bulgaria     |  | 92.00                                        | %
|ETEBA Romania S.A.                             |  | Romania      |  | 100.00                                       | %
|ETEBA Advisory                                 |  | Romania      |  |                                             |  
|Innovative Ventures S.A. (I-Ven)               |  | Greece       |  |                                             |  
|Financial Services                             |  |              |  |                                              |  
|National Securities S.A.                       |  | Greece       |  | 100.00                                       | %
|Ethniki Kefalaiou S.A.                         |  | Greece       |  | 100.00                                       | %
|Diethniki S.A.                                 |  | Greece       |  | 81.00                                        | %
|National Management and Organization Co. S.A.  |  | Greece       |  | 100.00                                       | %
|Ethniki Leasing S.A.                           |  | Greece       |  | 93.33                                        | %
|Ethniki Mutual Fund Management S.A.            |  | Greece       |  | 100.00                                       | %
|National Securities Cyprus (under liquidation) |  | Cyprus       |  |                                             |  
|NBGI Inc.                                      |  | USA          |  |                                             |  
|NBGI Private Equity Limited                    |  | UK           |  |                                             |  
|Interlease A.D. Sofia                          |  | Bulgaria     |  | 87.50                                        | %
|NBGI Jersey Ltd.                               |  | UK           |  |                                             |  
|NBG Luxembourg                                 |  | Luxembourg   |  | 94.67                                        | %
|NBG Luxfinance                                 |  | Luxembourg   |  | 94.67                                        | %
|National Investment Company                    |  | Greece       |  | 46.42                                        | %
|NBGI Private Equity Funds                      |  | UK           |  |                                             |  
|Insurance                                      |  |              |  |                                              |  
|NBG Bancassurance S.A.                         |  | Greece       |  | 99.70                                        | %
|Ethniki Hellenic General Insurance             |  | Greece       |  | 76.00                                        | %
|                                               |  |              |  |                                              |  

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|Business consulting      |  |        |  |       |   |        |   |        |  
|------------------------ |  | ------ |  | ----- | - | ------ | - | ------ | -
|Ethnodata                |  | Greece |  | 98.41 | % | 1.59   | % | 100.00 | %
|NBG Training Center S.A. |  | Greece |  | 98.00 | % | 2.00   | % | 100.00 | %
|Ethnoplan                |  | Greece |  |      |   | 100.00 | % | 100.00 | %

|                                    |  |        |  | Bank's Participation |  
|----------------------------------- |  | ------ |  | -------------------- | -
|
|
|Selected non-banking participations |  |        |  |                      |  
|NBG Management Services             |  | Cyprus |  | 100.00               | %
|National Real Estate                |  | Greece |  | 79.60                | %
|Dionisos S.A.                       |  | Greece |  |                     |  
|Kadmos S.A.                         |  | Greece |  | 100.00               | %
|Ektenepol Construction Company      |  | Greece |  |                     |  
|Mortgage, Tourist PROTYPOS S.A.     |  | Greece |  |                     |  
|Grand Hotel Summer Palace S.A.      |  | Greece |  | 100.00               | %
|Hellenic Tourist Constructions S.A. |  | Greece |  |                     |  
|Astir Palace Vouliagmenis S.A.      |  | Greece |  | 76.75                | %
|Astir Alexandroupolis S.A.          |  | Greece |  | 100.00               | %

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