By The Payers,
The Church of Greece has prepared to apply for a banking licence, aiming to open its own digital bank within the coming months.
The move, developed over the past three years, has started an internal debate among clergy and raised questions about the institution’s role in finance.
A church opening a digital bank
The Greek Church is in the process of becoming a partner in setting up a fintech similar to Revolut. Sources say the plan is well underway as a relevant file including all the necessary legal documentation has been compiled to be soon submitted to Greece’s central Bank for approval.
A source involved in the project claimed that the plan is to submit the necessary documents to the Bank of Greece by May or early June. The initiative seeks a fully digital financial institution with no physical branches, allowing customers to access services via smartphones and other devices.
The bank will not utilise church assets as collateral, according to the source, who rejected the speculation that the new institution would function as a ‘holy bank’. While some church officials support the plan, others remain sceptical, as they think about the possibility of bishops becoming shareholders. Concerns have also been raised about how the existing banking sector may perceive the move.
Project representatives mention that the initiative does not seek to emulate the Vatican’s financial operations, minimising the comparison of this initiative with past financial scandals involving the Holy See. Current shareholders of Financial Innovation Holding are the former Postal Savings Bank president, with 50%, and the Church of Greece, with 32%. The remaining shares are held by the Evangelismos tis Theotokou Charitable Foundation (8%) and the non-profit organisation NAUS ,Hellenic Society for Culture and Human Dignity, which is affiliated with the Church, with a 10% stake. If approved, the bank is projected to expand operations beyond Greece, targeting Greek diaspora communities worldwide.
