“In an environment of successive and unpredictable crises, what is required—and what we always strive for at National Bank— is to understand our clients’ needs, to gain a deep understanding of their business model, and to design and propose risk management structures and tools that remain effective under any circumstances.”
This was emphasized by Vasilis Karamouzis, General Manager of Corporate and Investment Banking at National Bank of Greece, speaking about the current role of banks in the uncertain environment in which Greek businesses operate.
In his remarks at the 7th OT Forum, during a panel discussion titled “Banks: A Pillar of Growth for the Greek Economy – New Forms of Financing,” Mr. Karamouzis argued that Greek banks are well-capitalized and strong and can finance major investments, adding that the old “one size fits all” model no longer applies. Banks must offer customized solutions for each business, he emphasized.
Regarding the current state of Greek business, Mr. Karamouzis noted that it is remarkable that a significant number of companies are performing exceptionally well despite successive crises. The numbers speak for themselves, he added. The Greek economy is growing steadily at a rate higher than that of the Eurozone, with GDP and employment having reached +16% in real terms compared to 2017, while real investment (Gross Fixed Capital Formation) have increased by 70%, reaching 2007 levels, excluding construction, which has also strengthened significantly since 2020.
According to Mr. Karamouzis, the example of PPC is indicative. The successful raising of capital reflects investors’ confidence in the company’s prospects and, more broadly, in the Greek economy, as well as the market’s willingness to finance investment projects with a clear developmental and transformative impact on the country’s infrastructure.
“I hope we will see many more such examples, especially in the shipping and tourism sectors, whose importance to the real economy is not reflected in the stock market,” he emphasized.
Mr. Karamouzis also referred to the sectors expected to take the lead in terms of financing. The energy sector is very important, with the three-pronged approach of “generation (investments of up to 12 billion euros will be required by 2030), storage (€4–5 billion in total investments in batteries and pumped-storage over the next seven years), and energy interconnections" set to dominate.
Beyond that, tourism—which accounts for 13% of GDP—technology, defense, and water resources are attracting significant interest. In particular, water resource management is emerging as a critical investment priority, with investments over the next decade estimated at over 3–4 billion euros for network modernization and desalination projects.
Finally, regarding the key characteristics of companies that want to take the lead in an environment of geopolitical tensions, energy crises, disrupted supply chains, and other external shocks, Mr. Karamouzis noted that companies must have a long-term strategy and disciplined governance, a strong capital structure and effective financial management, an outward-looking approach, and revenue diversification.