Credia Bank moves for up to €300m capital increase as BN reports fully confirmed

Credia Bank has pressed the “button” for a major capital reinforcement, with the bank calling a general meeting on the issue of a share capital increase of up to €300 million, in a move with a clear strategic footprint, fully confirming the information of Banking News.
It is noted that the proposal of the Vrettos management provides for the possibility of limiting or abolishing the preemptive rights of existing shareholders.
Specifically, as stated, a recommendation is made for granting new authority to the Board of Directors, pursuant to the aforementioned provisions of Law 4548/2018, so that the Board of Directors may decide, with the quorum and majority required by law, the increase of the Bank’s share capital by a nominal amount that may not exceed in total €150,000,000 (share capital), while also having the possibility to limit or exclude (abolish) the preemptive rights of existing shareholders, in accordance with the provisions of Article 27 paragraph 4 of Law 4548/2018.

The above authority may be exercised by the Board of Directors under the following limitations:

(a) for the purpose of raising new capital of up to €300,000,000, through the issuance of new common registered voting shares, determining the specific terms and the timetable of the increase by its relevant decision in accordance with the applicable provisions of Law 4548/2018, including, indicatively and not restrictively, the structure of the share capital increase, the method, the procedure and the offering price of the new shares, the category of investors entitled to participate in the share capital increase, the allocation criteria among the various investor categories in Greece and/or abroad, as well as deciding on the conclusion of any type of contracts or agreements with foreign and/or domestic intermediary, organizing, coordinating or managing banks and/or other investment service providers and/or new investors, and, in general, proceeding with any necessary, required or appropriate act, action or legal transaction for the implementation of the increase, including the relevant amendment of the Bank’s Articles of Association, and

(b) for the purpose of capitalizing Bank reserves (including the share premium reserve), by a nominal amount that may not exceed in total €500,000, for the purpose of distributing the new shares to the respective beneficiaries based on the proposed share distribution program to executives of the Bank and executive members of its Board of Directors.

What Banking News wrote

Banking News reported that Credia Bank would hold an extraordinary meeting on 19 February 2026 to decide on a new share capital increase of €200 million, with the waiver of existing shareholders’ rights and the entry of the American DFC, which would acquire approximately 13% of Credia Bank.
BN had revealed the plans for a capital increase approximately two months ago, but there is also background – in some areas even opaque – behind the decision for the capital increase.

The new investor with 13% or 17% and Thrivest with 43% or 40% from 50.17%

Credia Bank will implement a capital increase of €200 million with the waiver of existing shareholders’ rights, namely Thrivest, which holds 50.17%, and the Hellenic Financial Stability Fund or Hellenic Corporation of Assets and Participations with 36.16%, so that the American DFC, the U.S. development finance institution, may enter the share capital.
It should be noted that BN had revealed two months ago the potential entry of the American DFC into Credia Bank, but at that time it had been officially denied. This is emphasized explicitly.
Credia Bank, with capital of €976 million and with the incorporation of HSBC Malta approximately €1.3 billion, a capital increase of €200 million will result in total capital of €1.5 billion, or €1.17 billion prior to the incorporation of HSBC Malta, and will make DFC a shareholder with approximately 13% or 17%.
Thus, Thrivest will decline to 43% and the Hellenic Corporation of Assets and Participations to 31%, while the American DFC will hold approximately 13% or 17% prior to the incorporation of HSBC Malta.
To make it clear, if the €200 million increase is completed prior to the incorporation of HSBC Malta, the new investor will hold 17% of Credia Bank, while if the capital increase takes place after the incorporation, it will hold 13%.

What is achieved with the new capital increase?

Credia Bank will hold €1.5 billion in capital following the €200 million capital increase and the incorporation of HSBC Malta, and evidently will have improved share dispersion.
With €1.5 billion in capital and a market capitalization of €2.23 billion, the P/BV ratio stands at 1.48, which is a realistic valuation and which BN had assessed as entirely reasonable.
Optima Bank, which is realistically considered a dangerous bubble, has a valuation of 2.9 P/BV, which is viewed as extreme irrationality.
Following the capital increase, Credia Bank will be considered undervalued and attractive for aggressive buying.

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