The 5+1 bank deals of 2026

Greek banking groups listed on the Athens Stock Exchange continue to leverage their resilient profitability and excess capital.

Despite the prolonged uncertainty in the international investment environment, which has slowed the pace of business deals, the country’s financial institutions are proving particularly agile in the field of acquisitions, seeking new ways to diversify revenue streams beyond lending income and expand into profitable non-banking activities.

Although the high valuations often brought to the negotiating table act as a deterrent to the completion of several transactions, the sector has nevertheless embarked on a wave of acquisitions over the last months, following the major deals of 2024 and especially 2025.

This trend has become particularly evident during the first five months of 2026, a period in which five major transactions — plus one additional significant deal — have already been set in motion.

The asset and wealth management sector is acting as a key catalyst in this trend, attracting the highest interest. This development is naturally linked to the broader prospects of the Athens market, including the anticipated upgrade to Developed Market status and, above all, the planned integration of the Athens Stock Exchange into Euronext.

The first major move came in March, when Optima Bank announced a non-binding agreement for the acquisition of 80.84% of Euroxx Securities for up to 65.5 million euros. This was followed by Alpha Bank’s full acquisition of Alpha Trust Holdings, valued at 63.6 million euros. The third agreement was CrediaBank’s acquisition of a 70% stake in Pantelakis Securities for 8.7 million euros. Notably, the transaction is expected to have a limited impact on the bank’s capital position, given that it successfully completed a 300-million-euro share capital increase in March.

Another sector attracting strong interest from banks is insurance, as last year’s deal between Piraeus Bank and Ethniki Insurance triggered a domino effect of changes across the market. In this context, National Bank of Greece responded a few days ago by entering into an exclusive partnership with Allianz. Under the agreement, the bank led by Pavlos Mylonas intends to acquire a 30% equity stake in the Allianz–European Reliance entity (Allianz Greece).

Meanwhile, Piraeus Bank proceeded with the sale of a 49-million-euro real estate portfolio to Premia Properties in April. The package includes 34 properties that had come into the bank’s possession primarily through auctions or loan restructuring arrangements.

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