Following the recent completion of the acquisition of Pantelakis Securities, CrediaPantelakis Securities is now a member of the Credia Group, enabling it to significantly accelerate its development in investment services and capital markets. Vangelis Kanellis, Chief Strategy Officer of CrediaBank, speaks to powergame.gr about the expected synergies, the growth plan for CrediaPantelakis Securities, and the Group’s broader expansion moves — including CrediaLeasing, Europa Holdings, and the planned acquisition of HSBC Malta — as well as the priorities and challenges these present for the CrediaBank Group.
Mr. Kanellis, what characteristics of Pantelakis Securities made it the right platform for CrediaBank’s expansion into capital markets?
Pantelakis Securities gives us the ability to significantly accelerate our development in investment services and capital markets. It has a long history in the Greek market, an experienced management team, a strong reputation for reliability and corporate governance, and relationships built over many years with Greek and international institutional investors and high-net-worth clients. All of these are qualities that align with the way we want to develop this business.
At the same time, it has a licensed and fully operational platform with capabilities in brokerage, equity capital markets, investment research, clearing, and access to international markets. These are capabilities that complement CrediaBank’s existing activities and, combined with the bank’s client base, can be scaled up within the Group.
By acquiring 70% of Pantelakis, CrediaBank gains these capabilities immediately, rather than having to build them organically from scratch — which would have required more time and cost and carried greater execution risk.
Going forward, our goal is to leverage this platform and the synergies with CrediaBank, so that CrediaPantelakis Securities grows into a key pillar of the Group’s investment services.
Where do you see the most significant synergies, and how can they translate into a broader value proposition for the Group’s clients?
CrediaPantelakis Securities is now part of the Group, and this allows us to design our services around the full range of client needs. CrediaBank’s clients will have access to a wider range of investment products, brokerage services, and capital markets solutions. Equally, the brokerage’s clients will be able to benefit from the bank’s broader range of banking and financing services. The synergy therefore works in both directions, and that is perhaps the most compelling aspect of this transaction. We will develop these capabilities gradually, connecting our expertise and teams.
We see particular potential in the high-net-worth segment. CrediaBank already has relationships with clients who make investment allocations — in bonds, for example. Pantelakis adds its own expertise in brokerage and capital markets, as well as the relationships it has built with its own client base. This allows us to put together more comprehensive proposals, tailored to each client’s investment profile and needs.
For corporate clients, we are adding capital markets and investment services capabilities alongside our banking and financing solutions, with the aim of progressively building a broader financial proposition. We want to cover a larger share of their needs within the Group and develop a more integrated relationship with them. The essence of these synergies is for these complementary capabilities to gradually translate into new business for both sides, leveraging the relationships and client base that CrediaBank and Pantelakis already have.
What is the growth plan for CrediaPantelakis Securities, and what will be the key benchmarks for measuring the success of this investment?
We want to maintain and strengthen the brokerage’s strong presence among institutional investors. At the same time, we see significant growth potential in the retail, high-net-worth, and corporate segments, by leveraging CrediaBank’s client base. The plan therefore has two main directions: on one hand, to further develop Pantelakis’s existing franchise, and on the other, to open up its capabilities to a broader audience through CrediaBank. We do not believe these synergies will materialise automatically. It requires teamwork, proper identification of client needs, and the gradual development of the right propositions.
Success will be measured by the growth of the company’s client base and business activity, the increased uptake of investment services by Group clients, and ultimately by the conversion of expected synergies into recurring revenues and profitability. For us, success is not simply completing an acquisition — it is whether, over time, it creates real additional value for the Group.
CrediaBank is investing in fee and commission income-generating activities. How do you want the Group’s business model to evolve?
We want CrediaBank to evolve into a more integrated financial group, with more balanced and diversified revenue streams. Lending will remain our core activity — we are not changing the foundation of the bank. But we are building more capabilities around it, and we want to gradually increase the contribution of investment services, capital markets, and our other specialist activities. A larger share of fee and commission income reduces dependence on net interest income and enhances the Group’s resilience.
The acquisition of Pantelakis contributes to this direction. It allows us to serve more of our clients’ needs and to retain within the Group business and fees that would otherwise flow to third parties. These are also activities with lower capital requirements compared to traditional bank lending, allowing us to diversify our revenue base and deploy our capital more efficiently.
What we are ultimately pursuing is a business model with more growth engines and greater revenue diversification.
CrediaPantelakis Securities, CrediaLeasing, Europa Holdings, and the planned acquisition of HSBC Malta: what strategy connects all these moves?
Each move adds a different capability to the CrediaBank Group. CrediaPantelakis Securities strengthens our presence in investment services and capital markets. CrediaLeasing, which we recently established, broadens the options available to businesses for financing equipment and other investments, helping them manage their liquidity more effectively. The transaction with Europa Holdings is the next step in expanding our presence in the insurance sector. The planned acquisition of HSBC Malta, if completed, will extend our geographic footprint and create new business opportunities beyond Greece.
These moves are not independent of one another. They are all part of the same strategy: to progressively build a larger, more integrated, and more diversified financial group, with broader capabilities centered on the client. We want to offer more options to our existing clients, reach new ones, and develop additional revenue streams. For a business, for example, we can combine bank lending, leasing, insurance solutions, and capital markets services, depending on its needs and stage of development. A presence in both Greece and Malta could also open up opportunities for clients active in both markets and allow us to leverage the experience and best practices developed by each organisation. The goal is for these different activities to work in a complementary way, so that our relationship with the client becomes broader and more meaningful.
We remain active in seeking opportunities, but we are selective. We assess whether a move fits our strategy, whether the valuation is reasonable, what value it can add, and whether we have the capacity to execute it effectively. We are not simply pursuing size for its own sake. Every move must add specific capabilities, have clear strategic logic, and be able to create value.
Developing on so many fronts simultaneously also requires effective integration. What are the key priorities and the biggest challenges?
Our first priority is to activate the commercial and operational synergies. The teams across the bank and the Group’s companies need to be aware of our combined capabilities, identify client needs, and collaborate to deliver the right solutions. The strategy will have real impact when it is reflected in the client experience and in the growth of our business.
This requires connecting our processes, infrastructure, and technology. We have already launched a three-year digital transformation programme worth €60 million. At CrediaPantelakis Securities, we are planning a technology upgrade and the development of a more unified service model. At the same time, we want to preserve what makes the firm valuable — its people and their expertise, its management team, its specialist knowledge, and its relationships with the investment community. The goal is for integration to strengthen these capabilities, without losing the qualities that led us to choose the company in the first place.
The challenge is to combine the scale and capabilities of the Group with the distinct advantages of each individual company, while several initiatives are unfolding simultaneously. That requires clear priorities, coordination, and consistent execution. We have already gained experience from complex mergers and partnerships, and we are now called upon to apply that experience at a larger scale. The acquisition is the first step. Real value is created afterwards — by how well we manage to make these different capabilities work together.
