Best bank 2025: Eurobank
Eurobank’s most visible strategic milestone over the review period was the step-by-step takeover of Hellenic Bank.
By lifting its holding from an initial 29.2% to 93.5%, with a squeeze-out already planned, the lender executed one of the few large cross-border EU banking acquisitions. The deal unites Hellenic Bank’s dominant retail franchise with Eurobank Cyprus’ wholesale strengths, creating the largest lender in Cyprus at roughly €28 billion in assets. Management forecasts €120 million of annual synergies by 2027, alongside a rise in foreign market profit contribution to 55%, underlining the transaction’s strategic reach.
At the same time, the bank demonstrated excellent financial results. In 2024 Eurobank’s core operating profit before tax rose 21.1% year on year to €1.78 billion, while adjusted net profit climbed 18.2% to €1.48 billion. Net interest income grew 15.3% and fee income 22.4%, keeping the cost-to-income ratio below 34 %. Asset quality improved as loan-loss provisions fell 7.3.
Additionally, Eurobank reinforced its reputation as a digital frontrunner. Virtual credit cards, fully digitalised personal loans and payroll onboarding shortened approval times to minutes, helping push digital transaction volume above €100 million and value past €160 billion in 2024.
Investments in digital innovation were also prioritised, especially in the corporate banking space. A new Digital Credit Paper embeds climate-risk analysis directly into lending decisions, while artificial intelligence-enabled credit workflows cut time-to-cash on business loans by up to 50%. In transaction banking Eurobank launched Greece’s first interbank request-to-pay service, real-time collections via DIAS RF, alongside machine-to-machine payment application programming interfaces with automated strong customer authentication, giving large corporates true 24/7 fund movement capability.
Best investment bank 2025: Citi
Citi’s Greek investment banking franchise seized the largest investment banking wallet share in the awards period, delivering market-defining advisory, equity and debt deals with unrivalled execution across asset classes.
The bank’s advisory franchise delivered three marquee cross-border deals that illustrate strategic breadth. As sole financial adviser to Eurobank, Citi guided its €1.1 billion majority takeover of Hellenic Bank, the biggest Cypriot acquisition in a decade and one that will create the island’s leading bank by assets. The team steered Public Power Corporation’s €700 million purchase of Macquarie’s 629-megawatt Romanian renewables platform – one of the largest overseas acquisitions ever completed by a Greek corporate. Citi also advised Currys on the €297 million sale of Kotsovolos to PPC, enabling the UK retailer to focus on core markets while strengthening a national champion.
Citi dominated Greek equity capital markets. It ran the €690 million marketed follow-on that allowed the Hellenic Financial Stability Fund to reduce its National Bank of Greece stake; the book filled 10 times within hours. Earlier, it priced secondary offerings for Mytilineos (€255 million) and Jumbo (€109 million), each upsized after books were covered.
On the debt side the firm led 10 trades, including Greece’s first €4 billion benchmark following the sovereign’s investment grade upgrade – the tightest seven-year senior notes for a sub-investment grade issuer since 2021. Citi arranged Eurobank’s €650 million senior-preferred – the bank’s longest-dated issue – and Hellenic Bank’s landmark additional tier-1, achieving pricing inside all previous Greek deals. With €1.8 billion apportioned deal value and 13 mandates, Citi outpaced every competitor in the Greek debt capital markets during the year.
Best investment bank for DCM 2025: Citi
Citi finished 2024 as Greece’s top debt capital markets bank, leading the league tables by volume and deal count after arranging 10 issues worth an apportioned $1.8 billion.
Its sovereign work included the €4 billion Greek benchmark – the first since the upgrade to investment grade – and Cyprus’s lone €1 billion offering, confirming policy-level credentials.
In financials, Citi delivered a run of record-setting trades. For National Bank of Greece it arranged a €600 million senior notes issue that drew the largest Greek FIG orderbook since 2020, while its structuring of Alpha Bank’s debut €200 million additional tier-1 achieved the tightest reset spread (+517.8 bps) seen in the domestic AT1 market. The bank also handled Eurobank’s €650 million senior preferred bond, the issuer’s largest and longest-dated offering, and returned to Alpha Bank with a €400 million senior deal that attracted more than 100 investors, over 80% of allocations landing outside Greece.
On the large corporate side, Citi priced Public Power Corporation’s €60 million seven-year bond at the tightest spread for any BB- or lower-rated issuer since December 2021. The bank delivered Melten Energy & Metals’ €750 million green notes at the most competitive level for a non-investment-grade borrower in more than two years and secured significant tightening on Helleniq Energy’s €450 million offering. A €600 million trade for Coca-Cola, executed amid strong demand, showcased Citi’s breadth across sectors.
Best investment bank for M&A 2025: Bank of America
Demonstrating capabilities in cross-border execution, sector insight and on-the-ground presence, Bank of America advised on many of the headline deals in the Greek M&A market in the review period.
In January 2025, Bank of America supported PureHealth, the Middle East’s largest healthcare group, in its €2.2 billion purchase of a 60% stake in Hellenic Healthcare Group. The deal is the biggest healthcare acquisition in Greece and the second-largest private equity exit in the country. By securing exclusive advisory status, the bank enabled PureHealth to enter a high-growth European market while preserving CVC Capital Partners’ and management’s minority stakes, ensuring continuity and paving the way for future expansion.
Three months earlier, the bank guided Armira and Viessmann Generations Group in acquiring a significant minority interest in Greek generics specialist PharOS. Although the price was undisclosed, the transaction united German family capital with a founder-led company that supplies more than 100 pharmaceutical products worldwide. Bank of America’s advice attracted long-term partners poised to finance PharOS’s R&D-driven pipeline and global rollout, demonstrating the bank’s ability to match strategic investors with innovative mid-sized assets.
Best investment bank for ECM 2025: UBS
UBS’s recent equity capital markets activity showcases a consistent ability to deliver complex, high-profile transactions in challenging conditions.
Notably, the firm steered landmark disposals for the Hellenic Financial Stability Fund, acting as joint global coordinator on fully marketed offerings for both Piraeus Financial Holdings and National Bank of Greece. Detailed wall-crossing ahead of launch allowed demand to exceed deal size before books opened, allowing UBS to give a “books covered” message within minutes. Strong local take-up, coupled with broad international participation, enabled each sale to be upsized or tightly priced while still leaving significant long-only allocations.
Additionally, UBS reopened Europe’s small and mid-cap IPO window by leading the flotation of Theon International on Euronext Amsterdam. A carefully sequenced pre-marketing and bookbuilding process built early conviction among long-only funds, resulting in a well-covered and geographically diversified orderbook.
Best digital bank 2025: Piraeus Bank
Piraeus Bank pressed ahead with its evolution into a digital-first institution, pairing sophisticated customer-facing innovations with a cloud-automated backbone to elevate engagement, efficiency and growth.
The bank experienced a sharp rise in customers who now choose its mobile and web services for day-to-day banking. A revamped business banking app extends the sophistication of the retail experience to corporate clients, confirming that the bank’s multi-year transformation has decisively shifted customer preference toward digital channels.
That preference is rewarded with richer functionality. Dozens of new features have been added, including biometric sign-in, artificial intelligence-powered financial planning, real-time trading, insurance journeys and even a carbon footprint calculator. An advanced generative-AI chatbot now resolves routine queries with markedly higher satisfaction, while a recommendation engine surfaces products that significantly lift cross-sales, blending convenience with personalised insight.
The bank also reshaped its physical network. Branches have been refitted as technology hubs where self-service kiosks complete routine transactions, documents are authorised remotely from any device and digital certificates are issued on the spot. A quick appointment system and modern employee tools shorten queues and free staff to focus on higher value advisory conversations, turning the branch into a seamless extension of the online experience.
Internally, Piraeus has built a cloud-first, automated backbone. Azure capacity has been scaled up, scores of Power Automate workflows streamline settlements, overdraft management and procurement, and an automated credit assessment framework accelerates lending decisions. Migration to a next-generation SAP enterprise resource planning system, tightly linked to the core banking platform, delivers real-time financial insight, while an open-banking application programming interface layer and a strengthened partnership with Microsoft position Piraeus to plug into emerging digital ecosystems.
Best bank for SMEs 2025: Alpha Bank
Alpha Bank strengthened its support for Greek small and medium-sized enterprises over the review period by accelerating business loan disbursements and expanding its performing loan book. The robust increase in new credit made SMEs the main driver of the group’s overall lending growth, underscoring their strategic importance to the franchise.
In recent product innovation, the bank launched the Onemarkets Fund, developed with an international partner, offering SMEs an integrated liquidity management and investment vehicle, which drew strong early demand.
A dedicated sustainable finance programme channelled fresh funding to green projects, including renewable energy schemes led by smaller sponsors. Meanwhile, a strategic alliance with a pan-European bank unlocked a multi-country platform that now delivers seamless cross-border cash management, trade finance and capital markets access for Greek businesses.
Almost all routine transactions and daily services are now completed end-to-end online, while a generative-artificial intelligence chatbot provides round-the-clock product information and self-service with high first-contact resolution. A growing digital origination engine already processes a significant share of small-business loans, and the new sales platform is being extended to online current account opening and working capital facilities. The same chatbot guides prospective owners through know-your-customer steps, shortening the onboarding journey.
Finally, the organisation itself has been reshaped around SME needs. Sector-specific wholesale banking teams combine product specialists with relationship managers to deliver targeted advice. A revamped branch model has moved front-line staff away from cash handling to focus on face-to-face guidance for entrepreneurs.
Best bank for ESG 2025: Piraeus Bank
Piraeus Bank has embedded decarbonisation into its footprint, switching all branches and offices to renewable electricity and rolling out efficiency upgrades that already cut environmental impacts noticeably. At the same time, climate and nature-related risks have been woven into every layer of the risk framework and credit policy, ensuring that lending decisions weigh environmental and social factors as rigorously as traditional financial criteria.
Building on this governance bedrock, the bank refreshed its sustainable finance and green bond frameworks to mirror the latest EU standards. The new structures have underpinned a highly successful green senior bond that attracted broad international demand. A dedicated sustainability-linked loans framework now rewards corporate borrowers that meet clear environmental or social targets. Together, these mechanisms channel mainstream capital towards low-carbon technologies and nature-positive business models.
The bank’s transformation efforts extended to retail and small and medium-sized enterprise clients. A partnership with Visa and ecolitiq introduced Greece’s first in-app carbon calculator, giving cardholders real-time insight into the emissions behind everyday purchases and nudging them toward greener choices. Looking ahead, a new buildings retrofitting tool developed with CFP Green Buildings will be offered through e-banking, guiding property owners through energy-efficiency upgrades that align with national climate plans and boost asset values.
Piraeus has also demonstrated structuring expertise in complex sustainable finance deals. It arranged the entire project loan for a portfolio of large solar parks spanning multiple European countries and coordinated financing for the nation’s largest pumped-hydro energy storage scheme – an investment expected to unlock greater renewable penetration across southeast Europe.
Best bank for large corporates 2025: National Bank of Greece
By combining sector-focused expertise, pioneering structured and green finance solutions, and digitally streamlined operations, National Bank of Greece (NBG) offers a market-leading service for corporate clients.
The bank’s corporate and investment banking division now serves thousands of enterprises through a sector-focused model that aligns dedicated teams with the needs of energy, real estate, infrastructure, shipping, hospitality and mid-cap groups. The rapid expansion of performing loans and fee-based revenues in this portfolio has been matched by a consistent reduction in non-performing exposures and a strong rise in deposits, underscoring the bank’s balanced approach to growth and risk.
Its structured financing unit has set new benchmarks in complex event-driven transactions. NBG leads the Greek market in sustainable energy finance, supporting flagship renewable energy and energy storage projects, while designing an innovative standardised framework that accelerates future green capacity. In addition, successive green bond issues and the introduction of an energy baseload swap give large corporates fresh tools to hedge cash flows and fund low-carbon investments.
The bank has also demonstrated impressive improvements in its internal operations. The launch of its new business internet banking platform, widespread adoption of digital signatures and its fully digital legalisation app have streamlined onboarding and day-to-day transaction flows for corporate treasurers.
A centralised corporate service unit handles routine servicing, freeing relationship managers to focus on strategic dialogue, while a low-code workflow engine and next-generation core-banking system have shortened product launch cycles and strengthened controls. A unified customer relationship management platform further equips relationship teams with real-time analytics and cross-bank visibility, deepening engagement and driving timely, tailored solutions.
Best bank for research 2025: AXIA Ventures
AXIA Research’s recent record shows a consistent widening and deepening of its analytical reach.
The bank’s research team, consisting of six members with over 65 years of collective experience, covers a significant share of the Greek stock market’s average daily trading volume.
The research output of AXIA is vast, including daily and weekly market insights, company-specific reports and sector analyses. These are distributed through various channels, ensuring extensive reach and engagement with global investors.
AXIA Research’s recent record shows a consistent widening and deepening of its analytical reach. Over the past year the team has launched full equity coverage on several marquee names, broadening its universe to embrace virtually the entire trading volume of the Athens market while also adding Cyprus-listed stocks to its remit.
This breadth has been matched by depth. Long-form thematic studies provided multi-year cash-flow modelling, scenario analysis and valuation frameworks that have become reference points for institutional investors. In particular, the team’s GEK Terna report has translated into a market-beating total return for clients, demonstrating the practical value of AXIA’s calls.
Delivery has also evolved. Daily and weekly Market Insight notes now distil political, macro and corporate developments into actionable ideas within hours of events, while flash notes and earnings previews ensure investors receive immediate guidance around inflection points. All research is MifidII-compliant and disseminated electronically.
Research is now distributed through multiple platforms including Bloomberg, S&P Global, FactSet, LSEG and Visible Alpha, supplemented by targeted social media outreach that has boosted press citations and broadened global buy-side engagement. Frequent non-deal roadshows, conferences and panel appearances, supported by hundreds of hours of direct dialogue with C-suite executives, reinforce the research with privileged corporate access.
Best securities house 2025: EUROXX Securities
Euroxx Securities ended fiscal 2024 with robust momentum, lifting consolidated revenue by 15% to €32.1 million and earnings before tax by 6% to €5.3 million. Investment banking remained the dominant line, generating €15 million, almost half of total revenue, and reflecting healthy demand for advisory and underwriting services.
Regulatory status advanced materially when Law 5164/2024 designated the company a Public Interest Entity on December 12, 2024. This classification places Euroxx among Greece’s systemically important financial institutions and subjects it to heightened transparency and accountability.
Building on a multi-year fintech programme, Euroxx began rolling out the FinEuroxx mobile trading app, extending its retail brokerage capabilities and reinforcing its technology leadership in the Greek market.
Market activity set fresh records. The firm executed 23 capital markets transactions during 2024, acting in lead or joint-bookrunner roles on landmark deals such as the €691 million combined offering of National Bank of Greece shares and the €1.35 billion offering of PFH shares.
It also co-managed multiple senior-note issues, tier-2 bond placements and mandatory tender offers, helping clients raise or restructure roughly €7 billion over the year. These mandates consolidate Euroxx’s standing as the country’s top independent brokerage, evidenced by its 13% share of Athens Stock Exchange trading volume and its long running leadership in both domestic equity and debt issuance.
Complementing its investment banking success, the firm maintained a commanding presence in wealth management with assets under management exceeding €500 million, while advisory work on non-performing loan disposals surpassed €3.5 billion in cumulative volume.
Best bank for customer experience 2025: Alpha Bank
Alpha Bank’s recent initiatives show a clear focus on elevating customer experience across both physical and digital channels.
In its retail network, the bank has moved from transactional handling to an advisory-led approach with the introduction of a new branch service model. The redesigned model gives customers personalised financial guidance, while arming branch staff with enhanced digital capabilities, ensuring conversations move beyond routine cash operations to tailored advice in a more consultative environment.
The bank also invested in customer centric digital capabilities, most notably in a robust digital concierge service. A generative artificial intelligence-powered chatbot, embedded in alpha.gr, now fields more than 5,500 customer conversations each week and resolves up to 88% of queries at first contact.
By directing users seamlessly to the correct service channel, whether web banking, telephone support or the nearest branch, the assistant delivers immediate answers on topics ranging from product selection and e-banking access to management of the bank’s bonsu rewards programme. This always-on support means clients receive consistent guidance without wait times, reinforcing trust in the lender’s digital touchpoints.
Internally, Alpha Bank has also adopted the Microsoft Co-Pilot platform to simplify internal systems for employees. The tool automates routine tasks and supplies real-time insights, freeing staff to concentrate on higher value interactions. By coupling employee-facing AI with customer-facing chat capabilities, the bank has fostered a culture of continuous learning and efficiency that directly benefits service quality.
Best investment bank for financing 2025: National Bank of Greece
National Bank of Greece (NBG) has repositioned its financing business as a regional reference point for complex, high-impact transactions. Operating as a hub that unites project, acquisition and international finance, the team has multiplied its portfolio and fee base while keeping risk disciplined – aiming to become the preferred gateway for foreign investors entering the Greek market.
Its capacity for innovation is evident in landmark technology infrastructure. By exclusively arranging the East-to-Med Data Corridor, the bank introduced Islamic-compliant funding to Greece for the first time and orchestrated a cross-border structure spanning several legal regimes. It also delivered the country’s inaugural battery energy storage financing, creating a bankable template for an asset class considered essential to the European grid of the future.
Driving the energy transition, the bank has secured record-breaking renewable transactions. It financed the transformational acquisition of Terna Energy by Masdar, underscoring Greece’s attractiveness for global clean power sponsors, and mobilised capital for a wind portfolio contracted to Amazon, one of the largest corporate power-purchase initiatives in the region. By pairing such deals with its own green bond issuance, the bank strengthened its role as the nation’s ‘energy bank.’
NBG also demonstrated unrivalled depth in transport and concession finance. It anchored the long-term refinancing of Athens’ ring-road extension, Nea Attiki Odos, led the exclusive funding of the Aegean motorway, and structured Greece’s first vehicle fleet securitisation for Autohellas.
