National Bank of Greece eyes new acquisitions and launches upgraded core banking platform

The National Bank of Greece, led by CEO Pavlos Mylonas, plans to use surplus capital for a series of acquisitions before the end of the year. Recent moves include a strategic partnership with Dromeus Capital involving an initial €400 million investment in Athens‑based real estate assets and a bancassurance collaboration with Allianz aimed at boosting commission income. Management expects the new deals to raise commission earnings by roughly three percentage points in 2027‑28 and improve the bank’s return on tangible equity by more than 20 basis points, targeting a total acquisition portfolio of €700‑800 million.

Over the past five years the bank has invested €1 billion in its digital transformation, culminating in the launch of a new core‑banking system – the largest IT project ever undertaken by a Greek bank. The system, operational since early June, first serves corporate customers and will roll out to retail, mortgage and deposit products by 2026. The upgrade involved over 1,000 staff and 500,000 person‑days, delivering faster product rollout, lower operating costs, stronger cybersecurity and readiness for data migration to the cloud, positioning the bank favorably for future acquisitions.