Church of Greece to set up digital Phos Bank

The Church of Greece is preparing to file an application for a banking license, aiming to establish its own digital bank within the coming months. The move, developed quietly over the past three years, has sparked internal debate among clergy and raised questions about the institution’s role in finance.

According to media, the Greek Church is in the process of becoming a partner in setting up a “digital bank”, also known as Financial Technology (FinTech), similar to the widely used Revolut app.

FinTech encompasses the use of mobile applications, software, and other technology that enable users and enterprises to access and manage their finances digitally

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. Media reports suggest the name of the new digital bank will be “Phos Bank” (Light Bank), tovima.com reported.

The same sources said that Financial Innovation Holding will take a lead role in the venture, while a priest with experience in finance will also be involved.

Current shareholders of Financial Innovation Holding are Angelos Filippidis, 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 organization NAUS – Hellenic Society for Culture and Human Dignity, which is affiliated with the Church, with a 10% stake.

The NAUS non-profit organization is primarily controlled by Archimandrite Nikodimos Pharmakis, who holds a 98% share, while the Holy Monastery “Axion Esti” in Varnava, Attica, and the Evangelismos tis Theotokou Philanthropic Association each hold 1%.

A source involved in the project told daily kathimerini that the plan is to submit the necessary documents to the Bank of Greece by May or early June.

The initiative envisions a fully digital financial institution with no physical branches, allowing customers to access services via computers and smartphones.

“It will be a very modern electronic bank and it will not use Church assets as collateral,” a source emphasized, rejecting speculation that it would function as a so-called “Holy Bank.”

While some church officials support the plan, others remain skeptical. “Let’s see when results start emerging if bishops will gradually want to become shareholders,” one insider commented. Concerns have also been raised about how the move may be perceived by the existing banking sector.

The Church is not contributing financial capital but is leveraging its strong reputation to attract investors.

If approved, the bank is expected to expand operations beyond Greece, targeting Greek diaspora communities worldwide.

Late on Monday, the Holy Synod of the Church of Greece dismissed the media reports of the digital Phos Bank saying in a press release that it has never taken such a decision.