CrediaBank Makes Strong Debut on Euronext Athens, Capital Increase Exceeds Expectations
Athens, April 8 – CrediaBank marked a new phase of extroversion with the commencement of trading of its new shares on Euronext Athens. CEO Eleni Vrettou rang the traditional bell, symbolizing the bank’s transition from a long period of restructuring to a dynamic growth trajectory. The ceremony, held yesterday, reflected strong investor confidence in the organization.
Overwhelming Success of the Share Capital Increase
The €300 million share capital increase was completed with absolute success, oversubscribed by 3.8 times. Total demand reached €1.1 billion, exceeding even the most optimistic forecasts, especially given the current geopolitical instability. This result underscores robust confidence in both the bank and the broader Greek economy.
- International Interest: 80% of the demand came from high-caliber international institutional investors, a significant vote of confidence.
- Private Investors: Approximately 7,000 private investors from Greece participated in the share capital increase.
- Cornerstone Investors: Three cornerstone investors (Thrivest Holding) played a crucial role, investing €110 million and covering one-third of the increase.
Strategy and Prospects for Growth
With its strengthened capital position, CrediaBank aims to accelerate its growth trajectory both in Greece and abroad, leveraging opportunities for strategic partnerships and acquisitions. The bank, formed from the merger of Attica Bank and the former Pancretan Bank, is now the fifth-largest bank in Greece in terms of assets. It operates a network of 66 branches and 5 business centers, serving 350,000 customers with innovative services such as CrediaConnect, which offers extended hours and service with or without an appointment.
Market Message and Future Outlook
The upgrade of the Greek capital market to a developed market (to be implemented in 2027) creates a secure and predictable framework, enabling the banking system to act as a reliable lever for financing the real economy. CrediaBank’s management is committed to creating long-term value for its shareholders, aiming to become the ‘best bank’ for both customers and staff.
CEO Eleni Vrettou’s Statements: “Those who trusted us from the beginning are enjoying significant added value”
Following the ceremony, Ms. Vrettou spoke with press representatives, clarifying the bank’s next business steps:
- Bank Assurance & Asset Management: The bank currently applies an open architecture policy, collaborating with various insurance companies for the benefit of the customer. However, the space is being carefully examined for potential strategic partnerships or acquisitions, without an ‘obsession’ for acquisition if a partnership proves more beneficial.
- Investment in Malta: This is the number one priority. The transaction is expected to be completed by March/April 2027, pending regulatory approvals and smooth system transition. The presence in Malta also acts as a hedging mechanism, as the country exhibits stability and attracts business interest shifting from other Mediterranean regions.
- Credit Expansion & Interest Rates: The bank aims to exceed €1 billion in credit expansion this year. It was noted that every 25 basis point increase in interest rates brings a benefit of approximately €5 million for the bank in Greece and another €5 million in Malta. These figures were not included in the conservative business plan presented to investors.
- Dividend Policy vs. Acquisitions: CrediaBank is characterized as a “growth stock.” The priority is to reinvest capital to create value through growth or “cheap” acquisitions that will yield added value. If capital significantly exceeds needs and regulatory requirements, then its return to shareholders as dividends will be considered.
- Shareholding Structure: After the share capital increase, Thrivest Holding holds approximately 40.7% and the Hellenic Republic Asset Development Fund (HRADF) holds 29.9%, while no other shareholder has more than 5%. Ms. Vrettou clarified that HRADF retains increased special rights by law, regardless of its percentage.
- Network Upgrade: The pace of branch renovation is accelerating, with the new branch on Panepistimiou Street serving as a model.
In closing, Ms. Vrettou emphasized that the bank’s journey to date proves that those who trusted the organization early are already enjoying significant added value.
Source: https://startupper.gr/news/252123/crediabank-ichiri-premiera-sto-euronext-athens-me-proika-11-dis-evro/
