CrediaBank announced its intention to issue and offer new common registered shares with voting rights, waiving the preference rights of existing shareholders.
The New Shares are expected to be offered through (i) a public offering in Greece to retail and professional investors via the Athens Stock Exchange Electronic Book Building service with priority allocation rights for registered shareholders as of the record date to be determined by the Board of Directors (“Greek Public Offering”) and (ii) private placements to professional, institutional and other eligible investors outside Greece, subject to applicable exemptions from prevailing prospectus publication requirements (the “International (Institutional) Offering” and together with the Greek Public Offering, the “Combined Offering”).
Key highlights
- CrediaBank represents the 5th banking pillar in Greece based on total assets as of December 31, 2025, resulting from the merger between Attica Bank and Pancreta Bank in 2024. Based on Bank of Greece data and CrediaBank estimates using comparable financial data.
- CrediaBank has emerged as a Greek “challenger bank,” with a 36% increase in net loans year-on-year as of December 31, 2025, exceeding the Greek market growth of 8%.
- The Company recorded an 88% increase in recurring pre-provision income in 2025 and net credit expansion of €1.1 billion, corresponding to an 11.4% market share of net credit expansions.
- The Company offers a comprehensive range of products in both corporate and retail banking, with particular emphasis and specialization in the rapidly growing and underserved small and medium enterprises (SME) and small business sectors.
- Through recent actions taken, CrediaBank maintains a strong and healthy balance sheet with a gross non-performing exposures (NPE) ratio of 2.9% as of December 31, 2025, and no final and settled deferred tax credits (DTCs) in its capital structure.
- CrediaBank has entered into a definitive agreement – subject to customary corporate and regulatory approvals – for the acquisition of a 70% stake in HSBC Malta, which as of December 31, 2024, was the second largest bank in Malta by total assets (with approximately 24% market share), the second largest life insurance company by gross written premiums, and the second largest asset management company by assets under management in Malta’s highly attractive market.
This strategic, high-synergy inorganic move will double the Company’s size, significantly diversify CrediaBank’s business profile, and leverage attractive and substantial synergies.
- CrediaBank has a clear strategy for further sustainable and profitable growth, with recurring return on tangible equity (defined as recurring net profit after payment of interest on the Company’s AT1 bonds, divided by average tangible book value) expected to exceed 17% medium-term, supported by strong growth, balance sheet refinancing, and operational efficiency through the Company’s ongoing digital transformation program and implementation of significant synergies.
- The Company is managed by an experienced leadership team with a proven track record of successfully implementing complex and strategic projects and believes it is uniquely positioned to create synergies and value for all stakeholders.
Key points of the proposed Combined Offering
The Company plans to proceed with the Combined Offering to (i) strengthen its capital position and pursue growth, (ii) increase its free float, (iii) improve liquidity of its common shares, and (iv) diversify its shareholder base.
The proposed Combined Offering is expected to consist of an offering of New Shares to be issued by the Company following a share capital increase, with the waiver
Based on Bank of Greece data
Based on Bank of Greece data and published comparable financial information. According to the Central Bank of Malta and Company estimates based on comparable financial data. of preference rights, but with priority allocation rights for New Shares to existing Shareholders.
Additionally, Discovery Capital Management, LLC, Fiera Capital (UK) Limited on behalf of certain of its investment funds, and Marbella Investments Inc (the “Cornerstone Investors”) have committed in advance, individually and not jointly, to subscribe for New Shares under the proposed Combined Offering for a total amount of approximately €110 million, subject to customary terms and conditions.
Lock-up period
The Company and its main shareholders, namely Thrivest Holding Ltd and Hellenic Participation and Property Company S.A., are each expected to commit to a 180-day lock-up period from the commencement of trading of the New Shares on the Athens Stock Exchange, subject to customary exceptions.
Use of proceeds from the proposed Combined Offering
The net proceeds will be used by the Company to strengthen its capital position and pursue growth, aiming to maintain capital adequacy and liquidity ratios at levels significantly above European supervisory framework requirements.
Eleni Vrettou, CEO and Board member of CrediaBank, commented: “Our intention to strengthen our capital position aligns with our strategic priority to pursue and continue achieving profitable growth, both in Greece and Malta. We are creating the conditions that will enable CrediaBank to accelerate the full utilization of its potential, further strengthen its position in the Greek market and internationally, further diversify its shareholder base, and leverage potential strategic opportunities through partnerships and/or acquisitions. I would like to thank the Cornerstone Investors for their confidence and support in the Bank’s management and our business plan, as well as for sharing our vision at this critical moment for the Bank.”
