Small players acquired – Optima with Piraeus, Credia with NBG
A very reliable source – with emphasis on reliable source – revealed the following to us… There is a plan to strengthen Piraeus Bank and National Bank of Greece even further, and this plan will unfold after the elections, provided the prerequisites exist.
Assuming the elections will take place on May 9, 2027, we are talking about a plan that will unfold in late 2027 to early 2028. This plan includes the following. Credia Bank will be absorbed by National Bank of Greece, creating a group with 98 to 100 billion euros in assets and tangible equity (8.48 billion for NBG plus 1.21 billion for Credia) = 9.7 billion euros.Optima Bank will be absorbed by Piraeus Bank, increasing assets to nearly 90 billion euros and tangible equity (7.27 billion for Piraeus plus 1.3 billion for Optima Bank after its capital increase) = 8.6 billion euros. It is no coincidence that both Credia and soon Optima Bank will implement—or have implemented—a capital increase, and it is no coincidence that in this way… the main shareholders of Credia, Thrivest owned by Bakos, Kaymenakis, and Exarchou, will acquire 10% of NBG and… in the future will be able to sell more easily… Furthermore, with Optima Bank being absorbed by Piraeus, the Vardinogiannis family returns to Piraeus, where it was a core shareholder years ago, and will subsequently be able to sell… over time…
Optima Bank will need a capital increase of 400 to 500 million
Optima Bank will need a capital increase of 400 to 500 million to justify its growth, valuations, and acquisitions… and it appears that the Bank of Greece imposed the increase as a matter of urgency. At the same time, through this increase, Optima Bank will become cheaper in terms of P/BV ratio, because today it is extremely expensive. The capital increase for Optima Bank is a one-way street, among other reasons because after integrating Euroxx, Optima Bank will have a CET1 capital ratio of approximately 10.85% and inherently needs a capital boost, as BN has been highlighting since August 4, 2026. Additionally, an important issue for Optima Bank is not only the 400 to 500 million euro increase, but also the issue price, which will require a significant discount of nearly 20%. All of these factors will obviously be weighed by the main shareholders. Based on indications, the capital increase price should land in the 9.6 euro zone.
Optima Bank at 13.4 P/E and 3.58 P/BV, or 2.40 post-capital increase
Optima Bank has a market capitalization of 2.82 billion euros, reflecting a P/E of 2.82 billion capitalization divided by 210 million earnings = 13.4 P/E. Based on projected 2027 profits of approximately 240 million euros, the P/E ratiosettles at 11.8. Optima Bank has a market cap of 2.82 billion euros, displaying a P/BV of 3.58 (2.82 billion capitalization divided by 789 million in tangible equity), and following an increase of, for example, 500 million, the P/BV will settle at 2.40.
Credia Bank is planning something new… a new acquisition
Credia Bank will announce a new acquisition shortly, we understand… and this acquisition will be of great interest…
Fairfax gets almost all of Vivartia for 250 million
Fairfax, the primary shareholder of Eurobank, is finalizing the acquisition process for Vivartia, specifically Goody’s and Everest, for 250 million euros, with formal announcements expected by the end of September. BN readers were informed first and well ahead of time regarding the developments at Vivartia and the financial audit currently underway. At a later stage, the sale of DELTA will also follow.
Postscript
Next week, a bombshell will drop on the Greek stock market… BN, with the best bomb technicians on hand, will naturally break the news first.
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