INVESTOR RELATIONS
Cepal is a leading independent loan and receivables manager in Greece.
INVESTOR RELATIONS
Investment approach
Cepal is a leading independent loan and credit claims management in Greece, with portfolios under management of approximately €26.4 billion. Fully licensed by the Bank of Greece since 2016, Cepal was the first company in the industry to receive this authorisation, setting new standards in the loan management sector.
As a pioneer in the Greek market, Cepal operates a flexible, highly scalable multi-partner platform which supports all management strategies, leveraging both domestic and international experience. The company’s servicing platform is the result of numerous transfers involving three of the four systemic Greek banks.
Cepal serves both regulated institutions and the most active investors in the country, including four HAPS securitisations, with portfolios of approximately €14 billion comprising secured and unsecured receivables.
Services that cover and serve every management need
The company, through its subsidiaries and its participation in joint ventures, was the first fully autonomous operator with a developed technological infrastructure. Today, it is implementing a major transformation programme based on extensive investment in the IT sector. Our services cover the full range of asset management, from underwriting and collection to execution and property management.
The recent strategic partnership with Resolute Asset Management and the creation of RCG strengthen our collateral and real estate management, making us a leading player in the real estate management sector as well.
Cepal’s mission is to contribute substantially to the sustainability of the Greek economy by maximising the value of assets under management, providing high – quality debtor service, and ensuring the highest ethical standards. In this context, it was the first manager to complete a secondary HAPS transaction and pioneered the sale of restructured loans to a Greek bank.
Cepal focuses on attracting, training and retaining talented people, integrating technology at the core of its operations and enhancing efficiency.
INVESTOR RELATIONS
Investor Relations Approach
At Cepal, we promote transparency and cooperation with our investors, aiming to build strong, trusting relationships. Through open and ongoing communication, we provide accurate and timely information about the company and its performance, facilitating informed investment decisions.
Our strategy focuses on creating long-term value for investors through specific growth initiatives, such as implementing strategic investments and optimising our processes. By incorporating best practices into our operations, we invest in innovative technologies that strengthen our infrastructure, upgrade our services and ensure our sustainable growth in the market.
Our commitment to ethical and responsible management is a cornerstone of our relationship with investors and partners, ensuring the highest standards of transparency and accountability.
With sustainability at the core of our strategy, we systematically integrate Environmental, Social, and Governance (ESG) principles to promote financial well-being, social responsibility, and sound corporate governance. This approach consolidates our position as a preferred partner in loan and receivables management, while enhancing our contribution to the sustainable development of the Greek economy.
INVESTORS
Corporate Highlights
Discover Cepal’s strategic successes and initiatives that strengthen our market position and create value for our investors.
July 2024: Renewal of operating licence
Cepal has successfully renewed its operating licence as part of the review process initiated by the Bank of Greece. This process was carried out in accordance with the legislative framework for loan and credit claims managers, as set out in Law 5072/2023.
April 2024: Cetus Service Agreement
Cepal has signed a service agreement with “Creditable Opportunities Fund II SCS RAIF”, which is partnered with “Southrock II”, to service a portfolio of wholesale receivables totalling €687 million. This portfolio was acquired from Cosmos Securitisation Designated Activity Company under the terms of the Loan Sale Agreement dated 22.01.2024, in accordance with the provisions of Law 5072/2023 (the “Cetus Portfolio”).
March 2024: Bond Loan Refinancing
Cepal has issued a common secured bond loan for a total amount of up to €58.2 million, in accordance with the provisions of Law 4548/2018 and Article 14 of Law 3156/2003, via a private placement to Alpha Bank S.A. (“Alpha Bank”). The loan comprises Series A and Series B bonds. The purpose of the issue is, among other things, to refinance the existing €105 million bond loan with Alpha Bank and the European Bank for Reconstruction and Development (“EBRD”), as well as to finance Cepal’s working capital needs.
February 2024: Omega Portfolio Transition Agreement
In the context of the Securitisation Transaction of the receivables of Attica Bank S.A. and the reassignment to it of the receivables from non-performing loans with a total book value of €1.2 billion (“Omega Portfolio”), Cepal signed a transition agreement to be appointed as transitional servicer for part of the total receivables of the Omega Portfolio, in accordance with the provisions of Law 5072/2023.
January 2024: Pearl Services Agreement
Cepal has signed a service agreement with Hoist Finance AB (Publ) to service a portfolio of receivables totalling €1.94 billion. Hoist acquired this portfolio from the special purpose entities (a) Cosmos Securitisation Designated Activity Company, (b) Galaxy II Funding Designated Activity Company, and (c) Orion X Securitisation Designated Activity Company, pursuant to the relevant Loan Portfolio Sale Agreements, in accordance with the provisions of Law 5072/2023 (the “Pearl Portfolio”).
COMPANY STRUCTURE
Board of Directors Members
Nicholas Chryssanthopoulos was born in Athens in 1975. He holds a Bachelor of Science and a Master of Arts degree in Philosophy, Politics and Economics from Oxford University. He has been Senior Partner at EOS Capital Partners AIFM since February 2024 and Non-Executive Chairman at Cepal Services & Holdings since July 2024 and at Cepal Hellas since June 2025.
Before joining EOS Capital Partners AIFM, he was a General Manager, Chief of the Corporate Centre at Alpha Bank and a Member of the Executive Committee of the bank, reporting directly to the CEO, overseeing the Strategy, Investments, Legal, Governance, Communications and Human Resources functions.
Mr. Chryssanthopoulos has worked in the Alpha Bank Group since 2000 in the areas of Investment Banking, M&A, Corporate Development, Proprietary Investments (including Private Equity), Strategic Planning and Real Estate (strategy), prior to being appointed General Manager. He has extensive experience in complex M&A across asset classes, with strong strategic and analytical orientation, while remaining strong on conceptualisation. He has also a proven track record in building teams and structures that can deliver strategic goals set by management.
Throughout his tenure at the bank he has managed over 50 acquisition and divestment transactions valued at more than €13bn, has coordinated the sale of c. €600m non-core real estate assets and has supported the bank’s equity raising efforts leading to a total investment in excess of €10bn. He has also overseen the creation of c. 10 joint ventures and partnerships and has managed significant stakeholder relationships.
Mr. Chryssanthopoulos has been overseeing the private equity function of Alpha Bank since 2019, redefining its strategy while completing 8 new investments and repositioning the operating model to adapt to the evolving priorities of the Group. He has served as a Board member for various portfolio and Group companies.
In 2012, he has also served as Advisor to the Secretary General of the Ministry of Finance on banking matters.
Theodoros Athanasopoulos, Chief Executive Officer and Executive Member of the Board of Directors, is a graduate of the University of Piraeus, where he received his degree in Banking and Financial Management, and holds an MSc in Banking and Financial Management from the same institution.
He was Director in the Corporate NPL (Non-Performing Loans) Department at Alpha Bank S.A. from 2011 to 2014 and Acting General Manager in the Corporate NPL Department from 2014 to 2020.
In 2020, he joined Cepal Hellas as CEO. He was elected as a member of the Board of Directors of Cepal Hellas and Cepal Services & Holdings in December 2023, whilst as of November 2022, he is the Chairman of the Hellenic Loan Servicers Association (HLSA).
Christos Stefanidis, Executive Member of the Board of Directors, has more than 20 years of experience in the fields of financial services, corporate finance, mergers and acquisitions (M&A), securitisations, and loan portfolio restructuring.
Since December 2023, he has held the position of Chief of Strategy & Finance at Cepal Hellas, where he is responsible for the company’s strategy and financial management functions. Previously, he held senior executive positions at Alantra Corporate Portfolio Advisors International and PricewaterhouseCoopers Greece. He holds the ACCA (Association of Chartered Certified Accountants) professional qualification, as well as an MSc in Financial Management and Control from Aston University, United Kingdom.
In June 2025, he was elected as a Member of the Board of Directors of Cepal Hellas, while he also participates in key committees of the Cepal Group, contributing to strategic planning and the implementation of significant business initiatives.
Artemios Theodoridis holds a degree in Economics from the Athens University of Economics and Business (AUEB) – 1981, as well as a Master of Business Administration (MBA) from the University of Chicago, IL, USA – 1983.
He served on the Boards of Directors of Alpha Bank SA from 2005 to 2021, as well as on the boards of Alpha Bank Albania SHA and ABC Factors Business Claims Agencies SA (a 100% subsidiary of the Alpha Bank Group). He also participated as Chairman of the Capital Markets and Coordination Committee of the Hellenic Bank Association.
He joined the Cepal Group in 2020 and has since been elected as Chairman of the Board of Directors with executive responsibilities in both Cepal Hellas and Cepal Holdings until the 24th of June 2025 and the 1st of July 2024 respectively. He currently serves as a Non-Executive Member of the Boards of Cepal Hellas and Cepal Services & Holdings, with oversight responsibilities.
Plutarchos Sakellaris, Non-Executive, Independent Member of the Board of Directors, has been a Professor at the Athens University of Economics and Business since 2002 in the fields of Macroeconomics, Banking, Risk and Derivatives Management and Financial Institutions Management. He holds a PhD in Economics from Yale University (1992).
He has been a Member of the Board of Directors, Chairman of the Remuneration and Nomination Committee and member of the Audit Committee of ElvalHalcor S.A. since 2021 and has been an independent member of the Board of Directors of Titan S.A., Credit M S.A. and Hellas Capital Leasing. From 2008 to 2012 he was Vice Chairman and member of the Steering Committee of the European Investment Bank.
He has been elected as an Independent Non-Executive Member of the Board of Directors of Cepal Hellas since 2018 and as Chairman of the Audit Committee since its establishment in 2020.
Kenneth John Stannard, Non-Executive Member of the Board of Directors of Cepal Hellas and Cepal Services & Holdings since 2021 and Chairman of the Borrower and ESG Committee, has over 30 years of executive experience in credit, lending, and payments. He has held senior executive roles at Lloyds Banking Group, Capital One, and American Express, and most recently served as CEO and Board Member of Cabot Credit Management Group from 2012 to 2020, one of the largest credit management service providers in Europe. Prior to his executive roles, he was a partner at Oliver Wyman.
In the UK, Mr. Stannard also serves as Chair of Funding Circle, Castle Trust Bank, and Viewture Limited, and is currently a Non-Executive Director of Verastar Ltd. and the Chair of the Remuneration Committee.
Mr. Stannard holds an MBA from INSEAD and an MA in Engineering Science from the University of Oxford.
Miriam Ceribelli, Non-Executive Board Member, works as Principal of Structured Products at Davidson Kempner European Partners LLP, of which Airmed Finance DAC is a member – which holds, respectively, 80% of the equity of Cepal Services & Holdings.
She holds a BSc in International Trade from the Università degli Studi di Bergamo (2010) and an MSc in International Business Economics from the University of Westminster (2012).
She was elected as a Member of the Board of Directors of the Company in September 2021 and as a Member of the Board of Directors of Cepal Services & Holdings in July 2024.
INVESTORS
Financial Data
We ensure transparency in our relationships with investors, taking responsibility for our decisions and creating bonds of trust with all of our partners.
€26bn AuMs
Similar to 2022
850 FTEs
Decrease 7% y-o-y
€135m. profit
excl. pass thourgh
€61m. EBITDA
margin 45%
22m. PAT
18% y-o-y reduction
€253m. equity capital
Yield of 9,5% for 2023
21m. cash
€40m. for Q2 2024
0.1x Net Debt / EBITDA
Corporate debt refinanced in Q2 2024
View in detail the financial results for each financial year of Cepal
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Corporate Announcements
Latest developments and important news from Cepal, reflecting our strategic path and the values that guide our every action
