Credicom is gearing up to launch a radically new digital bank with the creation of a strategic network of about 40 small low-cost kiosks, and an ambitious plan for financing small and medium-sized enterprises as well as private customers.
Kathimerini understands that Credicom’s objective is to raise funds of between 200 and 250 million euros by the end of April from investors to finance the first stage of the bank’s development. If all goes to plan, this will be the biggest investment implemented in the local banking sector since the outbreak of the crisis concerning the development of new banking and not recapitalizations.
Next week the chief executive officer of Atlas Merchant Capital (Credicom’s main shareholder), Bob Diamond, will come to Athens and the bank’s board will convene on Tuesday to examine the new business plan and issue its approval for the drawing of capital from investors.
The business plan will focus on the creation of a new business model with low operating costs that will allow Credicom to offer more competitive interest rates to attract deposits, channeling liquidity to dynamic SMEs. The main target is the achievement of 20 percent returns from assets. The plan provides for Credicom to have issued loans of 4 billion euros by the end of 2022, to have deposits of a similar amount, and four business centers supplementing its 40 banking kiosks.
Next week Diamond will meet with various political and financial officials in Athens, including Bank of Greece Governor Yannis Stournaras, Deputy Prime Minister Yiannis Dragasakis and Deputy Minister to the Prime Minister Dimitris Liakos, among others.
Credicom’s board chairman is Corrado Passera, the former chief executive at Italian lender Intesa Sanpaolo who also served as a minister under Mario Monti, while board members include Michalis Katounas, a senior official at Qatari investment bank QInvest. Passera and Katounas will also come to Athens next week.
Credicom CEO Anastasia Sakellariou will soon begin contacts with a series of investors in Europe and America to present the project. She will also analyze the business model of an entirely digital bank that will still have a physical presence, offering very attractive rates for both deposits and loans.