CrediaBank SA: Sizeable growth priced in

研报英文原文证据摘录

CrediaBank SA: Sizeable growth priced in

FoundationM

Executive Summary: Initiating at Equal-weight

CrediaBank is a challenger bank with 3% market share ...

CrediaBank is a small commercial bank with a market share of ~3% in deposits and loans

in a highly concentrated market, where the four largest banks hold >90% market share in

loans and deposits. As of FY2025, corporate loans account for 85% of the loan book, of

which SME and related lending (shipping & structured finance) is ~65%. Credia’s exposure

to SMEs is twice as large as peers on a relative basis, as the latter are more concentrated

on large corporates. Securitized senior notes are ~20% of its loan book, considerably

higher than peers at ~10%.

Exhibit 1: Greece: Loan market shares Exhibit 2: Greek banks – Customer loans breakdown

Greece Loan Market Share

3%

19% 20% 20% 21% 21% 19% 23% 22% 21% 22% 23%

20% 20% 20% 20% 19% 17% 22% 22% 21% 22% 23%

28% 29% 28% 27% 27% 28% 26% 26% 25% 26% 26%

23% 24% 24% 24% 24% 25% 25% 24% 23% 24% 25%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Alpha Piraeus NBG Eurobank Crediabank

Source: Bank of Greece, Company Data, Morgan Stanley Research

Source: Company Data, Morgan Stanley Research. Note: Small Business loans are included in consumer

loans, for Credia SME loans includes shipping and asset backed loans.

… it aims to double its market share in Greece...

Credia’s strategy for the next five years centres around doubling its market share in

Greece, where the focus is SME lending with a potential purchase of up to €1bn of Re-

Performing Loans. Credia posted ~11% share of net credit expansion in 2025, and its SME

market share increased by ~50bps to 5% in 1H25. The bank’s time-to-money, two thirds

faster than peers, is part of its USP.