22.4.2026

Mega Interview with Ms. Chrysoula Koutoudi CEO and Chairman of the BoD

Published in the April edition of the "Ekonomija & Biznis" Magazine

Transformation based on strong foundations: The next phase of Stopanska banka

You were recently appointed CEO of Stopanska Banka. Could you tell us more about your professional background and which experiences shaped your leadership approach?

I assumed this role after more than three decades of international banking experience, having held senior leadership roles primarily within NBG Group. My career has been deeply rooted in corporate banking, where I managed large portfolios of commercial, SME, and structured loans in the range of 5 billion euros. Additionally, I have led initiatives in NPE strategy, including divestments of NPE portfolios, while during the recent years my focus was on retail loan product evolution, based on innovative digital and embedded banking solutions.

Focusing on the recovery side, after having spent 25 years in the performing part helped me form a more holistic approach of portfolio, credit & risk management, while the opportunity to use my knowledge and experience from the corporate segment to retail proved extremely valuable, calling for more innovative ideas and more digital capabilities.

Throughout these years, I have overseen various demanding projects, including large-scale investment transactions primarily in infrastructure, energy and tourism, internal cross functional initiatives, complex reorganization & transformation programs, managing multiple stakeholders and teams, under tight timelines and changing market conditions.

Having spent part of my life when being young in Germany, before returning to Greece, I have been influenced by both structured and adaptive environments – an experience that proved extremely valuable in fostering my tolerance to changes and different approaches and my adaptivity towards different cultures and people.

All these shaped my leadership style, which is based on three fundamentals: inclusive management with a hands-on approach on everything that matters, discipline in execution of our strategy, and accountability at all levels.

Being appointed CEO of Stopanska Banka is for me a profound honor, but at the same time it is a huge responsibility. Stopanska Banka is a bank with rich history and remarkable reputation, with a role that spans far beyond financial services – it is a key pillar of the economic and social life of the country.

While leading one of the most trusted financial institutions in the country, my focus is to ensure that the organization continues to grow in a healthy and sustainable manner, to build on its strong foundations, respecting what has been accomplished so far and setting the grounds for a more modern, resilient and talent-focused institution.

The Bank is entering a new chapter with a fully renewed Board of Directors. What are the team’s key priorities, and what changes can customers and the market expect?

Past few months were marked by multiple changes for Stopanska Banka – setting the new standards of excellence to maintain our leadership in the industry.

We welcomed six new members to the Board of Directors, we fully launched our Transformation Program, focusing on the enhancement of our IT infrastructure, while we are heading towards completion of our new headquarters and the commencement of a new cycle of modernization of our entire branch network.

Our priority is straightforward: to continue delivering sustainable growth, by prioritizing innovation, operational excellence, and improved customer experience. The renewed Board of Directors is structured to support this goal – it brings complementary expertise, fresh energy and a shared commitment to lead Stopanska Banka to the future, building on the experience of NBG Group, fully exploiting the synergies.

Most importantly, customers are already experiencing some of the changes – including the introduction of SEPA payments that enabled fast and very low-cost international payments, enabling Apple Pay, the introduction of our new service model to ensure more personalized customer experience.

These are the early steps, but they reflect the direction we are taking. Going forward, our focus remains on:

Enhanced digital journeys, integrating end‑to‑end online services for both individuals and businesses,

Enriched personalized product offering, improved services and upgraded channels, strengthening clients’ relationship with the Bank,

Faster decision-making, supported by improved analytics and optimized processes.

Digitalization is transforming banking. Where do you position the Bank, and what are the next key steps? What role will AI play in enhancing operations and customer experience?

Technology has become an integral part of everything we do. As in many industries Banks are in the process of integrating technology into all it’s operations aiming to achieve seamless 24/7 personalized banking experience.

In this respect, we have entered a significant investment cycle between 2025 and 2028, with a clear focus on upgrading our core systems and launching new products and services. This is not an incremental change — it will be a structural upgrade of how the Bank operates. For us it means reimagining the customer’s journey, achieving operational excellence, focusing on more complex, high-value tasks. For our clients, it will mean broader banking products and enhanced services meeting customized needs, improved customer experience with advanced digital functionalities, new ATMs 24/7 zones, with increased capabilities. Top priority remains transparency and security for all transactions.

AI will be embedded as part of this transformation – we are at early stages, but all employees have access to Microsoft Copilot chat, and we are exploring the possibilities for the next steps.

What is important here to be stressed is that our employees play central role in this process: they shall integrate these tools into daily work in structured and coordinated manner, supervise their output, and ensure responsible and well-controlled use. Proper training and phased-in prudent approach are the key.

ESG expectations are rising globally. How are ESG principles integrated into the Bank’s strategy and decision‑making?

At Stopanska Banka, we see our role not only as a financial institution, but as a key pillar in advancing the country’s cultural, educational, environmental, and social development.

Thus, ESG is not a novelty nor just a regulatory trend. For us it means a clear strategy and vision towards our impact regarding the Environment, how we care for the broader Society and how we structure and maintain a strong corporate Governance.

In this respect, on the Environmental (E) dimension, our focus is concrete:

• Constantly reduce own emissions by upgrading our infrastructure, equipment and enhancing staff awareness in all our activities,
• Financing energy efficiency (green buildings, migration of vehicle fleet etc.) and renewable energy projects,
• Supporting business transitioning to environmentally friendly technologies,
• Integrating climate & environmental consideration into credit risk management.

On the Social side (S), we remain committed to targeted, high-impact initiatives – with particular focus in culture, environment & healthy lifestyle, and support of children with special needs. In this respect:

• one of our most significant new initiatives is the Memorandum of Cooperation with the Ministry of Culture for the digital transformation of the Museum of Natural Sciences in Skopje. Through a dedicated three‑year support program, we are helping modernize one of the country’s most important cultural institutions.
• This year also marks the 10th jubilee edition of our largest and most recognizable CSR event, VoziPravoVoziZdravo. The impact of this initiative is tangible—the project funded through last year’s event is already entering construction in Kochani, demonstrating our commitment to turning community engagement into real outcomes.
• In parallel, we continue to strengthen our flagship CSR platform ‘Sonuvame. Menuvame.’ Through this program, we provide substantial annual support to organizations working with children with special needs, empowering their educational, therapeutic, and integrative development.

All these initiatives are supported by strong and clear Governance (G) based on transparent decision-making, strong internal controls and alignment with NBG Group and regulatory standards.

Our ESG efforts reflect who we are as a Bank — responsible, forward‑looking, and deeply connected with the needs of the communities we serve.

The Bank will soon move into a new headquarters. What does this investment represent for your long‑term vision and organizational culture?

The new building is a true embodiment of “the Bank of the future” which is our transformation motto: stable, modern, and at the top. The building is a home for our current and future teams and provides a platform for more efficient working place, better connectivity among teams, a work environment that fosters innovation, transparency, and collaboration. Externally, it reflects stability, ambition, and long-term commitment to the market.

With its unique architectural style and execution, with LEED certification and built according to C&E standards, it will become a landmark of the city, and a source of pride for all of us at Stopanska. Providing our employees with a more efficient and pleasant workplace, providing our customers with a more functional and welcoming environment is for us of outmost importance.

Furthermore, considering that construction works are carried out by local companies, the impact of our investment is contributing to the wider economy, which will always be our main focus.

The upcoming relocation is an important signal that the Bank is moving forward, with the ambition to remain a leading modern financial institution on the market and an attractive employer, with our people being the driving force of our organization.

How is the Bank’s risk profile evolving? Do you see greater pressure in specific sectors or customer segments?

Our risk profile remains solid and well‑controlled, supported by consistently low levels of non-performing exposures and a long-standing culture of prudent risk management - fully aligned with the expectations for asystemic bank. Upholding high-quality of the portfolio is key strategic priority of the Bank. The Bank’s strong and robust risk management framework is continuously enhanced to reflect regulatory changes, emerging risks, and best practices, ensuring a forward‑looking resilience that supports sustainable growth.

This is a core strength of Stopanska Banka that reflects both disciplined underwriting, prudent and responsible risk management with long-term view and strong know-how, policies, and tools we leverage from NBG Group.

At the same time, the environment is becoming more complex and dynamic. Risks are not necessarily higher, but they are more sector-specific and time-sensitive. Therefore, we are placing strong emphasis on closely monitoring and the early identification of potential pressure points, with particular attention to the latest developments and the geopolitical risk deriving from the crisis in the Middle East. The portfolios are stable and resilient, however, the macroeconomic effects through spillover effects arising from disruptions in the supply of energy, particularly oil prices and raw materials costs, are the key risks if the conflict is not resolved.

Nevertheless, our approach remains balanced: maintaining strict risk discipline while continuing to support viable clients and projects. This combination of strong fundamentals and proactive management allows us to remain resilient and well-positioned to support the clients and the economy under any scenario.

What are your expectations for the coming period, and where do you see the main opportunities for the Bank and broader economy?

The global economic context remains challenging, with slowed growth in Europe and continued uncertainty in energy prices and supply chains. Our economy remains stable but notably sensitive to external factors.

However, we also see several areas of opportunities that may create positive headwinds for the broader economy, if executed with discipline and focus.

First, the energy transition and green investments, where demand for financing is expected to increase significantly, a sector where Stopanska Banka will play a meaningful role.

Second, infrastructure and large-scale investment initiatives. We are ready to support governmental and private development projects that will contribute to the local market, provide stability, create new jobs, and help retain human capital in the country — capital that has significantly diminished after decades of emigration of highly skilled, educated, and ambitious professionals.

And third, the digital transformation of businesses, particularly SMEs, where we see increasing need for advisory, financing, and structured support.

As a systemic Bank, our role is broader than financing alone. Our focus is to provide stability, support viable economic initiatives, and contribute to the resilience of the financial system. In this context, while the macroeconomic and geopolitical environment requires caution, the local market offers well-defined opportunities for banks that can execute consistently and responsibly.

Coming from National Bank of Greece, where do you see Stopanska Banka in deepening the economic cooperation between our countries?

I believe that the potential for cooperation between neighboring countries has been thoroughly analyzed and accepted by all sides, and the fact that for more than 25 years NBG has been operating on the market through Stopanska Banka is a clear and strong sign of the Group’s dedication and trust.

The opportunity is to strengthen this cooperation in a targeted manner. We see clear potential in facilitating cross-border investments, supporting joint projects in energy, infrastructure, tourism, and within industrial zones; deeper integration of the financial markets; more precise coordination on regulatory matters, and in joint initiatives.

Stopanska Banka, with its in‑depth understanding of the conditions in both markets, can be a strong catalyst for this cooperation, exploiting NBG’s knowledge and experience deriving across the EU.

Looking ahead, what is your vision for Stopanska Banka?

Our vision is clear and timeless– Stopanska Banka to remain a reliable, and forward-looking systemic bank that is deeply embedded in the broader society. Our aim is to constantly grow,

while becoming a more modern, agile and customer centric bank. To achieve commercial and operational excellence, ensuring enhanced customer experience through innovative value-added products and services, competitive offerings, new digital channels and customized solutions, by fully exploiting synergies with NBG Group.

Our main focus, will be constantly investing in our people, creating a more dynamic and supportive environment, with modern premises, enhanced tools, and clearer direction. Their role is central in translating these changes into everyday results.

And as a systemic Bank, we will continue to play a key role in supporting the local economy, maintaining stability in the financial system.

Interviewer: Mitko Jovanovski, "Ekonomija i Biznis" Magazine