Hellenic Development Bank

What Hellenic Development Bank does

Hellenic Development Bank (HDB / Ελληνική Αναπτυξιακή Τράπεζα Α.Ε.) is Greece's statutory national development bank, established in 2019 under Law 4608/2019 and domiciled at Michalakopoulou 80, Athens. It is a state-owned Societe Anonyme operating under the supervision of the Ministry of National Economy and Finance, succeeding predecessor entity ETEAN (Hellenic Fund for Entrepreneurship and Development). The institution does not function as a commercial bank: it channels EU structural funds (ESPA 2021–2027, EAFRD), the EU Recovery and Resilience Facility (RRF / TAA), and the Just Transition Mechanism to Greek SMEs via co-financing, guarantees, and interest-free lending. As of 31 May 2025, its total loan portfolio across active programs stood at approximately €18.12 billion, deploying instruments including the €2.2 billion TEPIX III Entrepreneurship Fund (loans and guarantees), the Just Transition Loans and Guarantee Funds, the Microfinance Fund (€80M budget operational from May 2025), the Spiti Mou II housing program (€2B envelope, €1B from RRF), the Innovation Guarantee Fund, and the agricultural entrepreneurship fund (€365M).

HDB's technology infrastructure is centered on a KYC digital application platform (kyc.hdb.gr) for eligibility verification and routing to partner financial institutions, integrated with the OPSKE state-aid submission system, alongside an ESG Tracker (esgtracker.hdb.gr) that mandates ESG self-assessment as an eligibility prerequisite for multiple programs. Programs are delivered exclusively through a B2B2C channel model: end-borrowers apply via partner commercial banks (Alpha Bank, Eurobank, National Bank of Greece, Piraeus Bank, Credia Bank), four regional cooperative banks, and three licensed microfinance institutions (AFI Microfinance, Microsmart, TMEDE). Pricing is heavily subsidized — interest-free co-financing covers 50–75% of capital per program, with additional 3% interest rate subsidies for 2–3 years, and guarantees cover up to 80% of loan principal. The bank holds ISO 27001:2022 certification and has received three Digital Finance Awards (2024) and OECD institutional recognition.

The institution employs 51–100 people, runs HDB Academy as a capacity-building platform, and operates an international development-banking partnership network through the Montreal Group, AECM, EIB, Bpifrance, and Innovation Norway. Current leadership comprises Chairman George Zavvos and CEO Ismini Papakirillou (appointed February 2024). A subsidiary, HDBI (Hellenic Development Bank of Investments), has begun deploying equity capital — notably leading the $123M Kos Biotechnology Partners life sciences fund in December 2025.

Name

Hellenic Development Bank

Legal name

Ελληνική Αναπτυξιακή Τράπεζα Α.Ε.

Website

https://hdb.gr

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Hellenic Development Bank (HDB) is Greece's state-owned national development bank that channels EU structural funds, RRF, and Just Transition resources to SMEs via interest-free co-financing, guarantees, and microfinance — distributed through a partner network of five major Greek commercial banks, cooperative banks, and three licensed microfinance institutions.

Ownership category

akta.pro rank

Product category

Development Banking

NAICS

Depository Credit Intermediation (5221), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industries

SME/Industrial Development Banks (FSABAKAF), SBA/Government-Backed & Development Finance Loans (FSAKAGAI), Green/Climate Development Banks & Funds (FSABAKAH), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Development banking
• SME financing
• Guarantee funds
• Microfinance lending
• EU structural funds

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Co-financing and guarantee intermediation: HDB does not generate commercial revenue in the traditional sense. It operates as a development bank and financial intermediary, providing subsidized co-financing and guarantees backed by EU funds (ESPA, RRF, EAFRD) and national resources. Its function is to absorb part of the credit risk that commercial banks will not assume, facilitating SME access to financing. HDB is funded through management fees for administering EU co-funded programs, not through interest income or transaction fees from end borrowers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Hellenic Development Bank (HDB) is Greece's national development bank that provides subsidized co-financing and guarantee instruments to small and medium enterprises (SMEs), microenterprises, and households through EU-backed financial programs. The bank channels financing via partner commercial banks, cooperative banks, and microfinance institutions, absorbing credit risk that commercial banks will not assume. HDB manages programs including the TEPIX III Entrepreneurship Fund, Just Transition Loans and Guarantee Funds, Microfinance Fund, Spiti Mou II housing program, and energy renovation programs, funded through EU structural funds, the Recovery and Resilience Facility, and national resources.

Differentiator

Problem solved

Functional benefit

Brands

• HDB Academy: Educational platform providing development tools for SME empowerment and business skills training.
• ESG Tracker by HDB
• Carbon Tracker by HDB

Products and services

• Just Transition Loans Fund (Ταμείο Δανείων Δίκαιης Αναπτυξιακής Μετάβασης) Investment and working capital loans for SMEs in Western Macedonia, Peloponnese (Megalopolis, Tripoli, Gortynia, Oichalia), and small islands in the North/South Aegean and Crete regions affected by lignite phase-out. Loan range: €5,000–€500,000 over 1–10 years with up to 12 months grace period. 50% of capital is interest-free from the fund, and the remaining 50% comes from credit institutions at preferential rates with an additional 3% interest subsidy for the first 3 years.
• Just Transition Guarantee Fund (Ταμείο Εγγυοδοσίας Επενδυτικών Δανείων ΔΑΜ) Guarantee fund providing 80% guarantee coverage per loan for SMEs in Just Transition regions. Interest rate subsidy of 3% for the first 2 years on all loans. Maximum collateral required from the borrower is capped at 30% of loan principal. Guarantee commission is 0.20% per annum on the guaranteed amount (80% of loan) for the de minimis regime. Distributed through four partner banks (Alpha Bank, Piraeus Bank, Credia Bank, Cooperative Bank of Thessaly).
• Microfinance Fund TEPIX III (Ταμείο Μικροπιστώσεων) Microfinance fund providing interest-free loans to very small businesses, microenterprises, and sole proprietors, including women-led enterprises. For General Entrepreneurship: 60% of capital interest-free from the Fund, 40% from Microfinance Institution. For Women's Entrepreneurship: 75% interest-free, 25% from Microfinance Institution. Loan range: €3,000–€25,000 over 12–96 months with up to 6 months grace period. No collateral required. Mentoring support provided to all beneficiaries. Distributed through three licensed microfinance institutions (AFI Microfinance, Microsmart, TMEDE Microfinance Solutions).
• Spiti Mou II Housing Program (Πρόγραμμα Σπίτι Μου ΙΙ) Co-financed housing loans for first-home buyers aged 25–50 who do not own suitable primary residence. Maximum loan: €190,000 or 90% of notarized property value (whichever is lower). Duration 3–30 years. 50% of capital interest-free from the fund, 50% from partner banks at preferential rates. Interest rate subsidy of 50% for large families (3+ children). 100% of loan management fees covered by the program. No application of Law 128/75 levy. Total program size: €2 billion (€1 billion RRF + €1 billion from banks). Distributed through 6–9 partner banks.
• Anavathmizo to Spiti Mou (Αναβαθμίζω το Σπίτι μου) Energy renovation loans for existing homeowners. Loan range: €5,000–€25,000 per beneficiary over 3–7 years. 75% of capital interest-free from the fund, 25% from banks at a fixed rate fully subsidized by the Greek state. No application of Law 128/75 levy. Targets natural persons who own legal property rights in existing residential buildings in Greece seeking to improve energy efficiency.
• TEPIX III Entrepreneurship Fund - Loans (Ταμείο Επιχειρηματικότητας – ΤΕΠΙΧ ΙΙΙ Ταμείο Δανείων) Investment loans for SMEs under the TEPIX III (Entrepreneurship Fund III) program. Total program envelope of €2.2 billion co-funded from the Recovery and Resilience Facility and commercial banks. Distributed through five partner banks. Designed to support SME access to investment financing across key economic sectors.
• TEPIX III Entrepreneurship Fund - Guarantee (Ταμείο Επιχειρηματικότητας – ΤΕΠΙΧ ΙΙΙ Ταμείο Εγγυοδοσίας) Guarantee instrument under the TEPIX III (Entrepreneurship Fund III) program providing guarantee coverage for SME investment and working capital loans. Part of the €2.2 billion total program envelope. Supports SME access to financing by reducing collateral requirements and credit risk for partner banks.
• Innovation Guarantee Fund (Ταμείο Εγγυοδοσίας Καινοτομίας) Guarantee fund for innovative enterprises, startups, and innovation-driven businesses in Greece. Provides guarantee coverage to reduce collateral requirements and facilitate access to financing for companies engaged in research, innovation, and technology development.
• EAT-TMEDE Guarantee Fund (Ταμείο Εγγυοδοσίας ΕΑΤ-ΤΜΕΔΕ) Guarantee fund targeting engineers, contractors, and technical professionals registered with TMEDE (Technical Chamber of Greece). Provides guarantee coverage to facilitate access to working capital and investment financing for engineering and construction sector professionals.
• Agricultural Small Loans Fund (Ταμείο Μικρών Δανείων Αγροτικής Επιχειρηματικότητας) Small loan fund for agricultural entrepreneurship and the agrifood sector. Total program envelope of €365 million under the new CAP Strategic Plan. Supports small-scale agricultural businesses and agrifood enterprises with investment and working capital loans.
• Audiovisual Works Guarantee Fund (Ταμείο Εγγυοδοσίας για Επιχειρήσεις Οπτικοακουστικών Έργων) Guarantee fund providing coverage for enterprises engaged in the production of audiovisual works. Supports the creative and cultural industries by reducing collateral requirements and facilitating access to financing for film, television, and media production companies.
• ESG Tracker by HDB Free digital platform enabling Greek SMEs to self-assess and report their Environmental, Social, and Governance (ESG) performance. Available at esgtracker.hdb.gr. Submission of the ESG Tracker Report is a mandatory prerequisite for financing applications under multiple HDB programs. Helps SMEs measure their CO2 emissions and ESG footprint as part of the eligibility process.

Quantifiable outcome

• HDB programs contributed €7.7 billion to Greek GDP and supported 306,000 jobs (WifOR study)
• +4 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core and minor.

• INNOVATION GREECEcoreStrategic or Co-development Partner · 15 January 2026HDB and INNOVATION GREECE signed a MoU to support mature innovation and entrepreneurial scaling. The partnership focuses on leveraging HDB's financial instruments alongside INNOVATION GREECE's innovation ecosystem expertise.
• Heraklion Chamber of CommerceminorGTM or Marketing Partner · 24 June 2025HDB and the Heraklion Chamber of Commerce signed a MoU to promote HDB's financial instruments to local businesses. The partnership aims to expand awareness and access to financing in Crete.
• Athena Research Center (Ερευνητικό Κέντρο Αθηνά)minorStrategic or Co-development Partner · 22 May 2025HDB and Athena Research Center signed a MoU to build bridges between research and market. The collaboration aims to facilitate the commercialization of research outcomes through HDB's financing instruments.
• The Montreal GroupcoreStrategic or Co-development Partner · 13 May 2025HDB, as a member of The Montreal Group (an international network of development banks), hosted the Nigerian Development Bank at a networking event, strengthening South-South cooperation among national development banks.
• Orange GrovecoreStrategic or Co-development Partner · 15 January 2025HDB and Orange Grove signed a MoU to strengthen innovation and support Greek startups. The partnership aims to support mature innovation and business scaling through joint initiatives, mentoring, and access to HDB financing programs.
• Elevate Greece / National Documentation CentrecoreStrategic or Co-development Partner · 13 September 2024HDB and Elevate Greece (under the National Documentation Centre) co-organize the annual HDB Innovation Challenge competition for startups and innovative enterprises. The 2024 competition marked the third consecutive year of the partnership, promoting innovation-driven entrepreneurship.
• Economic Chamber of Greece (Οικονομικό Επιμελητήριο Ελλάδος)minorGTM or Marketing Partner · 16 July 2024HDB and the Economic Chamber of Greece signed a MoU to promote entrepreneurship support and facilitate access to HDB financing programs among chartered accountants and economic professionals.
• EIT Manufacturing South EastcoreStrategic or Co-development Partner · 10 July 2024HDB and EIT Manufacturing South East signed a MoU to enhance innovation and growth support for manufacturing SMEs in Greece. The collaboration aims to combine HDB's financial tools with EIT Manufacturing's innovation network.
• European Association of Guarantee Institutions (AECM)coreStrategic or Co-development Partner · 11 June 2024HDB is an active member of AECM and its role was strengthened in 2024. HDB's CEO was elected to the AECM Board of Directors. HDB hosted the 2023 AECM Annual Meeting in Athens, bringing together European guarantee institutions.
• Agricultural University of Athens (ELKE-GPA)minorStrategic or Co-development Partner · 6 June 2024HDB and the Agricultural University of Athens signed a cooperation agreement to support the academic community in accessing HDB's financing instruments, particularly for agri-food sector innovation.
• Innovation NorwayminorStrategic or Co-development Partner · 17 January 2024HDB and Innovation Norway strengthened ties to harness innovation and sustainable growth. Norwegian cooperation has supported 13 new projects under the 'Business Innovation Greece' program, bringing Norwegian innovation expertise to Greek SMEs.
• Hellenic-American Chamber of CommerceminorGTM or Marketing Partner · 19 June 2023HDB and the Hellenic-American Chamber of Commerce united to support entrepreneurship by promoting HDB financing programs to chamber members and facilitating access for Greek-American business networks.
• Piraeus Chamber of Commerce and Industry (ΕΒΕΠ)minorGTM or Marketing Partner · 20 September 2022HDB and the Piraeus Chamber of Commerce and Industry signed an alliance to support local enterprises through access to HDB's financial instruments, targeting businesses in the greater Athens/Piraeus region.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• KfW (Kreditanstalt für Wiederaufbau): Germany's state-owned development bank and the largest national DFI in Europe. Comparable to HDB as a state-mandated SME and green transition financier, though operating at substantially larger scale and with broader product range.
• Bpifrance: France's national public investment bank, directly comparable to HDB in mandate, structure, and product mix (SME co-financing, guarantees, innovation funding). HDB has an active strategic cooperation agreement with Bpifrance specifically for green and energy transition financing.
• Cassa Depositi e Prestiti (CDP): Italy's national development bank financing SMEs, infrastructure, and innovation. Operates a comparable model of EU fund co-management and channel partnership with Italian commercial banks, making it a close structural analogue to HDB in Southern European SME financing.
• ICO (Instituto de Crédito Oficial): Spain's state-owned financial institution providing SME financing, guarantees, and EU co-managed programs. Closely parallels HDB's mandate in serving Spanish SMEs through subsidized loans and guarantee schemes co-financed with commercial banks.
• British Business Bank: UK government-owned development bank focused on SME finance, guarantee schemes, and venture/growth capital. Comparable business model and product suite (loan guarantees, microfinance, innovation funding) to HDB, though operating post-Brexit outside the EU institutional framework.
• FMO (Netherlands Development Finance Company): Dutch state-owned development bank focused on SME, green, and emerging-market financing. Comparable in mandate (state-backed SME and sustainability lending) and in distributing financing through partner financial institutions rather than direct retail channels.

Broad incumbents

• BNDES (Brazilian Development Bank): Brazil's federal development bank serving as the primary vehicle for state-directed industrial, agricultural, and SME financing. Structurally analogous to HDB in being a state-owned national DFI channeling subsidized credit and guarantees to priority economic sectors through partner banks.
• EBRD (European Bank for Reconstruction and Development): Multilateral development bank active across Central, Eastern, and Southern Europe. Operates a comparable SME and green transition financing model through partner banks and direct investment. While broader in geographic mandate, EBRD's Greek activities (including co-financing with HDB peers) parallel HDB's institutional role.
• European Investment Fund (EIF): EIF is the EU's specialized vehicle for SME financing, providing guarantees, securitization, and VC fund-of-funds investments. Highly comparable to HDB's guarantee and HDBI fund-of-funds activities at the European institutional level.
• European Investment Bank (EIB): The EU's multilateral development bank, which is an active core strategic partner of HDB for co-financing Greek green and digital transition projects. While much larger and supranational, EIB's SME and climate lending mandate directly overlaps with HDB's portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HDB_GR
• Facebookfacebook.com/hdbgr

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hellenic Development Bank