It is obvious that Credia Bank is a completely clean bank, just like Optima Bank, but Credia Bank is far cheaper and worth buying.
We will focus on a specific comparison.
We evaluate the performance of Credia Bank, successfully managed by Eleni Vrettou, and Optima Bank, managed by Giorgos Taniskidis and Dimitris Kyparissis, and we will use commonly accepted valuation models to justify which bank is cheap and which bank is expensive or more attractive to buy.
1) Credia Bank achieved profits in the first half of 2026 of approximately 31.3 million or 23 million.
Optima Bank achieved profits in the first half of 2026 of approximately 104.3 million euros.
However, based on a rough extrapolation, Credia Bank, together with HSBC Malta, displayed profits of approximately 90 million euros in the first half of 2026, and for the whole of 2026, it will record profits of approximately 200 million euros.
The formal side of the agreement between Credia Bank and HSBC Malta closes at the end of March 2027.
We assume that Optima Bank will display profits of 215 million in the 2026 financial year.
2) Optima Bank displays tangible equity of 789 million, and Credia Bank displays tangible equity - tangible book - of 911 million euros without HSBC Malta.
Together with HSBC Malta, the tangible equity of Credia Bank will reach 1.2 billion euros.
Comparing valuations
Credia Bank with 9.7 P/E and 1.42 P/BV
Credia Bank has a market value of 1.94 billion, so it displays a P/E with HSBC incorporated of 1.94 billion capitalization divided by 200 million profits = 9.7 P/E.
Based on 2027 profits of approximately 230 million euros, the P/E stands at 8.4.
Credia Bank has a market value of 1.94 billion, so it displays a P/BV with HSBC incorporated of 1.94 billion capitalization divided by 1.2 billion euros tangible equity = 1.62 P/BV.
Optima Bank with 11.5 P/E and P/BV 3
Optima Bank has a market value of 2.42 billion, so it displays a P/E of 2.42 billion capitalization divided by 210 profits = 11.5 P/E.
Based on 2027 profits of approximately 240 million euros, the P/E stands at 10.
Optima Bank has a market value of 2.42 billion, so it displays a P/BV of 2.42 billion capitalization divided by 789 million tangible equity = 3.
Conclusion
It is obvious that Credia Bank is a completely clean bank, just like Optima Bank, but Credia Bank is far cheaper and worth buying.
In addition, and this is a critical factor, Optima Bank will need a capital increase of 400 million to be able to justify growth and valuations.
The capital increase for Optima Bank is a one-way street, among other things, because after the integration of Euroxx, Optima Bank will have a CET 1 capital ratio of approximately 10.85, and by definition needs a capital increase that the Bank of Greece (BoG) will also mandatorily impose.
Also, an important issue for Optima Bank is not only the increase of 400 million euros, but also the price of the increase, which will require a significant discount of over 30%.
All of this will obviously be weighed by the main shareholders.
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