The new chapter for greek banks

The following highly interesting 1) KEYNOTE REMARKS & PANEL DISCUSSION titled “FROM STRENGTH TO GROWTH: THE NEXT CHAPTER FOR GREEK BANKS”, and 2) PANEL DISCUSSION titled “GREEK BANKS AT THE LEADING EDGE: THE INVESTMENT CASE” were part of the agenda of the 27th Annual Capital Link Invest in Greece Forum: & Building on Success: Unlocking Greece’s Investment Potential”, that was held
with great success and participation, on Monday, December 8, 2025 in New York in cooperation with New York Stock Exchange – NYSE, Athens Exchange Group (ATHEX Group) and major Global Investment Banks & Organizations. Goldman Sachs, Morgan Stanley and TEN Ltd (Tsakos Energy Navigation) were the Lead Sponsors. The Forum was organized under the Auspices of the Consulate General of Greece in New York.

1. “FROM STRENGTH TO GROWTH: THE NEXT CHAPTER FOR GREEK BANKS”

 KEYNOTE REMARKS:
Mr. George Zanias, Former Minister of Finance; Chairman – Hellenic Bank Association; Chairman of the
BoD – Eurobank S.A.
 PANEL DISCUSSION:
Moderator: Mr. Georgios Papadimitriou, Country Managing Partner – EY in Greece ; Client & Industries
Leader – Europe Central ; Financial Services Leader – Europe Central
Panelists:
 Mr. Lazaros A. Papagaryfallou, Deputy CEO – Alpha Bank Group
• Mrs. Valerie Skoubas, CFO – CrediaBank
 Mr. Konstantinos Vassiliou, Deputy Chief Executive Officer, Head of Corporate & Investment Banking,
Executive Member of the BoD – Eurobank S.A.
• Mr. Christos Christodoulou, General Manager, Group Chief Financial Officer – National Bank of
Greece

KEYNOTE REMARKS:
Mr. George Zanias, Former Minister of Finance; Chairman – Hellenic Bank Association; Chairman of the BoD – Eurobank S.A., stated: “Last time I spoke to the Capital Link Conference as Chairman of the Hellenic Banking Association was in 2014. At that time, the Greek banking system was at a completely different phase. Successive recapitalisations were taking place to restore capital adequacy lost from the fast rise of non- performing loans, which at a point reached 50% of the total, but also from the PSI, whereas system liquidity had dried up. Today, about a decade later, the situation is very different and the future prospects very good. Statistics published by the SSM show that the capital adequacy CET1 ratio of the Greek banks is at the same level with that of the Eurozone banks, while in terms of total capital adequacy the Greek banks perform slightly
better. In terms of liquidity, the Greek banks are in a better position while the share of the non-performing loans is very close to that of the European banks and the lowest since the entry into the Eurozone. Additional strengths are the significantly improved governance structures and the considerably lower cost to income ratio (0.36 compared to 0.54 in the Eurozone). The recent paneuropean stress tests confirm these strengths. These characteristics have contributed to significant returns to equity, higher than the average in the Eurozone, while during the last two years there was also dividend distribution. These characteristics of strength have led to the restoration of the role of the Greek banks to financing the economy. Credit expansion, especially towards the Greek business sector, is increasing at a double digit during
the last few years. More important probably are the positive prospects that exist due to the expected medium term fast growth rates of the economy, the particularly low loans/deposits ratio and the expected increasing financing needs of the household sector.”

PANEL DISCUSSION:
Mr. Georgios Papadimitriou, Country Managing Partner – EY in Greece ; Client & Industries Leader – Europe Central ; Financial Services Leader – Europe Central, remarked that, over the past several years, Greek banks have come through an extraordinary journey, to stand today on a much stronger footing, with solid balance sheets, improved asset quality, and growing investor confidence. Against a backdrop of declining interest rates,
he noted that Greek systemic banks continue to show resilience, reporting profits and expanding beyond traditional banking. The next chapter for Greek banks, however, according to Mr. Papadimitriou, is empowering Greece’s economic growth, embracing innovation and supporting building an economy fit to compete on a global scale. “Banking has a broader part to play in shaping the Greek economy and society – from financing the green and digital transition, to ensuring inclusive growth in a changing world”, he concluded.

Mr. Lazaros A. Papagaryfallou, Deputy CEO – Alpha Bank Group, stated: “Alpha Bank is demonstrating how strategic collaboration and disciplined growth can create new opportunities in banking. Our partnership with UniCredit represents a pioneering model for cross-border banking collaboration at a pan-European scale. Our alliance with UniCredit empowers Greek businesses with seamless access to 13 additional markets through a single banking relationship, while also positioning Greece as a strategic connector between Southeast and Central Europe. In addition to this strategic alliance, we are pursuing a disciplined expansion strategy that creates shareholder value. The acquisition of AstroBank establishes Alpha Bank as the third systemic bank in Cyprus, while the FlexFin-ABC Factors merger creates Greece's leading factoring platform, and the AXIA Ventures acquisition establishes Greece's first fully integrated investment bank. Through a strategy that leverages strategic
partnerships and targeted acquisitions, we are building a comprehensive ecosystem that serves evolving client
needs across retail, corporate, and investment banking segments, demonstrating our clear vision for sustainable value-creation and growth.”

Mrs. Valerie Skoubas, CFO – CrediaBank, stated: “The next chapter of Greek banking is being written on solid foundations of stability, transformation, and renewed trust.” She explained that, after more than a decade marked by restructuring, deleveraging, and regulatory adjustments, the Greek banking sector has now entered a period of sustainable recovery and strategic growth and expansion. Capital positions have visibly improved, liquidity has strengthened, and the level of non-performing loans has been drastically reduced thanks to effective
management strategies and systemic initiatives. As a result, Greek banks have regained their capacity to finance entrepreneurship, support households, and actively contribute to national development. Mrs. Skoubas noted that this shift is not only quantitative but deeply qualitative. The future of banking will be shaped by the ability to combine financial discipline with innovation, as well as by the commitment to serve a
broader economic and societal purpose. Institutions must harmonize profitability objectives with ESG responsibilities, ensuring that every financial decision creates long-term value rather than short-term gains.

CrediaBank remains fully aligned with this vision: steadily enhancing its financial fundamentals, investing in digital transformation, and designing human centric and flexible solutions that respond to the evolving needs of customers, businesses, and communities, while implementing international expansion step by step. This approach makes a difference in a sector that constantly faces challenges: market volatility, geopolitical instability, continuous technological transformation, and rising customer expectations. Yet within these challenges lie opportunities. CrediaBank has chosen to invest in adaptability and evolution—two factors that determine who will stay “standing” in an environment that is constantly changing.

Mrs. Skoubas further highlighted that digital transformation is no longer optional, it is a strategic imperative. Artificial intelligence, data analytics, and advanced digital platforms are reshaping customer expectations, operational models, and risk frameworks. Banks that move early and strategically will secure a competitive edge, while those that delay may struggle to remain relevant. At CrediaBank, technology investments are targeted, sustainable, and human-centered, placing equal value on innovation, security, and accessibility. In conclusion, Mrs. Skoubas stressed that the next chapter of Greek banking will not be defined only by balance sheets, capital ratios, or regulatory compliance. It will be defined by the sector’s ability to embody transparency, foster inclusion, embrace green finance, and act as a true catalyst for long-term growth. “CrediaBank is
committed to being part of this positive transformation—empowering the economy, supporting the society, and shaping the future of banking with purpose,” she affirmed.

Mr. Konstantinos Vassiliou, Deputy Chief Executive Officer, Head of Corporate & Investment Banking, Executive Member of the BoD – Eurobank S.A., stated: “Greek banking sector is stepping into a new phase marked by stability, confidence, and a clear orientation toward the future. With a track record of robust financial results and sustained credit growth, Eurobank is ready to expand its footprint across new markets, both organically and through targeted inorganic opportunities. The acquisition of Hellenic Bank has established the largest banking institution in Cyprus, raising Eurobank Group’s total assets above €100 billion. The Group’s strategy is to further boost profits from diversified sources by expanding into promising markets across Europe,

India and the MENA region with a particular emphasis on the Gulf countries. At the same time, there is a robust pipeline of transformative infrastructure projects unfolding across Greece. The development of data centers is a key focus area, with increasing interest from multinational technology companies seeking to invest in the country’s digital infrastructure. Energy transmission and storage projects,
upgrades to the national energy grid, and improvements in water management are also of strategic priority. These efforts are complemented by major energy interconnection projects that capitalize on Greece’s strategic geographic location, reinforcing its status as a critical link in regional and global networks. In addition to these strategic infrastructure initiatives, shipping is also undoubtedly one of the most dynamic, powerful and
internationally oriented sectors of the economy, fostering and attracting further investments that contribute to the
global supply chain resilience. Alongside these dynamics, tourism and hospitality sectors continue to stand out as
key areas of investor interest, with substantial capital flowing into new developments, upgrades, and services.
The combined momentum of these critical economic sectors creates strategic opportunities for long-term growth,
attracting domestic and international investments in a highly competitive environment.”

Mr. Christos Christodoulou, General Manager, Group Chief Financial Officer – National Bank of Greece, stated: “The Greek economy continues on a solid growth path, demonstrating remarkable resilience and strong adaptability in a highly uncertain external environment. Financial conditions have been favorable, with credit flows —particularly to the business sector— increasing in the double digits and risk premia narrowing amid successive upgrades to Greece’s sovereign credit rating. Substantial capital expenditure from the Recovery and Resilience
Facility (RRF), rising private investment and supportive fiscal and monetary policies are expected to cushion downside risks stemming from a challenging external environment in 2026. Against a backdrop of benchmark rate normalization, we continued to deliver a solid financial performance throughout 2025, reflecting the strength of the Greek economy and of our franchise, laying the foundation for the delivery of our upgraded FY25 targets. Our profit after tax for the nine months of 2025 reached nearly €1b, equivalent to a return on tangible equity of 16.1% before adjusting for excess capital, with the top line displaying resilience to lower interest rates, leveraging solid loan growth and the sustained momentum in fees. Our strong profitability further enhanced our leading capital buffers, providing strategic optionality as regards incremental
organic growth, value-accretive opportunities, and enhanced capital returns. In this context, we have been accruing 60% of our 9M25 earnings —the final payout of which is to be defined with the closing of our FY25 results— distributing an interim dividend of €200m, both at the highest level in the domestic market. Leveraging this solid performance and the strength and resilience of our business model, we will continue
investing in technology and human capital as key enablers of long-term growth and value creation, while remaining on a disciplined and value-enhancing capital deployment path, balancing increased shareholder distributions with capturing growth opportunities, positioning the bank for sustainable growth, greater innovation, and long-term value creation”.

2. “GREEK BANKS AT THE LEADING EDGE: THE INVESTMENT CASE”
PANEL DISCUSSION:
Moderator: κ. Ioannis Charalampopoulos, Partner – Machas & Partners Law Firm
Panelists:
• Mr. Iason Kepaptsoglou, Head of Investor Relations – Alpha Bank Group

• Mr. Alex Blades, Partner – Paulson & Co.
• Mr. George Katsikas, Managing Director and member of the Financial Institution Group (FIG) – UBS Investment Bank

Mr. Ioannis Charalampopoulos, Partner – Machas & Partners Law Firm, stated: “In a global economy shaped by geopolitical tensions threatening financial stability, Greece has managed to avoid the negative externalities at a macroeconomic level. Greece’s return to investment-grade status across all major rating agencies, combined with continued primary surpluses, has reinforced the country’s credibility and reduced sovereign risk premium.Greece’s economy is expected to continue its growth trajectory in 2025, with a GDP growth rate projected at
2.3% by year-end, significantly above the euro area average; the tourism industry and the real estate sector are expected to remain key contributors as Greece’s strong pipeline in energy transition, digital infrastructure, logistics, and high-end hospitality continues to attract both strategic investors and global private equity funds. Investment remains a crucial driver of Greece’s economic stability, particularly with the support of European Recovery funds, which continue to provide substantial liquidity for infrastructure, green, and digital projects. The
Greek banking system is more resilient than even before achieving the lowest level of NPL ratio since Greece joined the euro area combined with strong capital buffers, meaningful dividend capacity, and renewed interest from global institutional investors, as evidenced by recent successful placements and shareholding reshuffles highlighting a track record of entry and exit opportunities for institutional investors.

Greek stock market has recorded significant activity with notable transactions that reflect global investors’ appetite for domestic and cross-border deals across various and diverse sectors and industries including banking, technology, energy and infrastructure, along with the niche sectors of defense, licensed lottery and gaming. The successful completion of Euronext’s public tender offer for the acquisition of the Athens Stock Exchange
(ATHEX) marks a monumental milestone for the future of Greek capital markets with increased international investor visibility that will increase analyst coverage, unlock passive inflows, and elevate liquidity standards—key catalysts for attracting a new wave of issuers and institutional capital. This development combined with the anticipated upgrade of ATHEX from “Advanced Emerging Market” to “Developed Market” is expected to drive new listings, equity and debt issuances and other corporate transactions. Greece’s dynamics converge to present a rare combination of macro stability, banking strength, sectoral momentum, and capital-market transformation, positioning Greece as a very strong investment case, squarely on the radar of global investors seeking both resilience and opportunity.”

Mr. Iason Kepaptsoglou, Head of Investor Relations – Alpha Bank Group, stated: “Alpha Bank’s equity story is designed to deliver sustainable growth and robust shareholder returns with an increased strategic ambition. The first pillar is organic growth and investment: Alpha Bank is deploying capital to drive innovation, efficiency, and new product capabilities, with a focus on technology and the enhancement of its product factories to increase cross-selling and deepen client relationships. This approach has already delivered tangible results, with loans
growing by 13% and fees by over 20% on an underlying basis in the past year, reflecting strong momentum in high value-added areas such as transaction banking and wealth management. The partnership with UniCredit is set to further intensify these benefits, boosting product capabilities and cross-border flows to a level that stands out even by EU standards. The second pillar is ordinary distributions. Having reinitiated dividends two years ago, Alpha Bank intends to pay out 50% of reported profits for 2025, with a clear capacity and intention to increase this
ratio as earnings grow, subject to regulatory approval. The third pillar leverages Alpha Bank’s excess capital, enabling bolt-on acquisitions that accelerate strategic goals, particularly in product factories and the Bank’s core νmarkets, while maintaining strict criteria for strategic fit and value creation. Alpha Bank’s ambition is to deliver superior earnings growth, targeting 10% EPS growth in coming years, by capturing balance sheet expansion, incremental fee income, and the full benefits of strategic partnerships. Ultimately, sustainable earnings growth, improved profitability, and a supportive macro environment position Alpha Bank to deliver value for shareholders and play a leading role in the next phase of growth for the Greek banking sector.”