Two of Greece’s leading cooperative banks reported strong financial results for 2025 and outlined ambitious growth strategies as they move to extend their presence beyond their home regions under newly acquired national banking licences.
The Cooperative Bank of Karditsa and the Cooperative Bank of Chania, both licensed to operate across Greece, are investing in digital transformation, small business lending, and capital strengthening as they seek a larger role in the country’s banking system. A third cooperative lender, the Cooperative Bank of Thessaly, also holds a national licence.
Karditsa posts record assets
The Cooperative Bank of Karditsa, founded in 1994, said 2025 was a record year. Total assets exceeded 300 million euros for the first time, reaching 322.4 million euros, up 17.1 percent on 2024. Deposits rose by 44 million euros to 280.2 million euros, while loans surpassed 170 million euros. The bank’s capital adequacy ratio stood at approximately 24 percent, which the bank described as one of the highest in the Greek banking system, and its liquidity ratio reached 600 percent. Return on equity has consistently exceeded 10 percent in recent years, according to the bank. Membership now approaches 19,000 and continues to grow.
The bank operates from its headquarters in Karditsa and has branches in Larissa, Volos, Palamas, Sofades, Mouzaki, and Farsala, with a workforce of more than 100 people.
Panagiotis Tournavitis, the bank’s chief executive, said the bank’s core competitive advantage lies in its cooperative philosophy: customers are also owners, decisions are taken locally by people with direct knowledge of the regional economy, and profits are reinvested in the area. He noted that approximately 59 percent of revenues flow back into the local economy.
Tournavitis said the bank was the first Greek lender to work with the European Investment Fund, having established that relationship in 2016. The bank has since built a range of national and European financing tools, including InvestEU guarantees from the EIF and programmes from the Hellenic Development Bank. A recent agreement with the Council of Europe Development Bank provides a 10 million euro financing framework accompanied by a 700,000 euro grant for customer support initiatives in Thessaly.
The bank is also the only Greek member of the Global Alliance for Banking on Values (GABV) and the first Greek bank to join the European Federation of Ethical and Alternative Banks (FEBEA). It is additionally a member of the European Microfinance Network and the Microfinance Center. Tournavitis said Karditsa would host the GABV European Regional Meeting in November 2026, which he described as a particular honour for a bank from the Greek regions to have a voice in the international dialogue on values-based banking.
Looking ahead, Tournavitis outlined three strategic priorities. The first is a careful use of the national banking licence, expanding gradually beyond Thessaly in keeping with the cooperative model’s pace. The second is technology investment: new digital payment products, digital wallet capabilities, and a systematic exploration of artificial intelligence to improve internal operations and member services. The third is financing the real economy, with particular emphasis on small and medium-sized enterprises and blended-finance instruments being developed with European partners, universities, and institutional bodies.
Chania marks 30 years with expansion plans
The Cooperative Bank of Chania, which marks its 30th year of continuous operation, also reported a strong 2025 performance. Deposits reached 655.4 million euros, up 3.8 percent year on year, while loans after provisions stood at 438.9 million euros. Cash holdings were 176.6 million euros, equity was 63.9 million euros, and the capital adequacy ratio was 17 percent, or 16.6 percent on a consolidated basis. Pre-tax profits rose 35.5 percent to 4.1 million euros.
The bank operates a network of 23 branches, employs 250 people, and has 28,498 members. It has long focused on Crete, supporting local business and the productive economy, and now holds a national banking licence that opens the path to broader expansion.
Michail Marakakis, the bank’s chairman, said the priority is to use the national licence to carry the model developed in Crete to other parts of the country, maintaining close customer relationships, fast decision-making, and deep knowledge of local economies as defining features.
Marakakis said the bank is also undergoing a corporate transformation, converting to a public limited company structure, seeking a strategic investor, and examining the prospect of a stock exchange listing to strengthen its capital base. He said protecting the interests of existing shareholders, securing employment, and preserving the bank’s social character would be central objectives after any conversion.
The Cooperative Bank of Chania was also selected by the Eurosystem to take part in the pilot programme for developing and testing the digital euro, placing it among 36 European banks and payment service providers contributing to the future of electronic transactions in Europe.
Despite their different starting points and individual characteristics, both banks share a common strategic direction: strengthening capital, deploying their national licences, pursuing digital transformation, and directing lending toward the real economy.
