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Theo Pepanides


Theo Pepanides


Helps financial institutions, public-sector entities, and telecommunications operators improve efficiency and effectiveness and better manage risk

Theo leads our Financial Services and Public Sector practices in Greece and co-leads our work on risk analytics in Europe. He primarily supports clients in Greece, Turkey, and Southern Europe.

Theo’s work in banking focuses on strategy, capital management, stress testing, and credit risk and operations. He helps direct our work on stress testing and was instrumental in a large-scale McKinsey research project that assessed the impact of Basel III regulations on the European financial industry. Theo also works with government entities and telecom companies on strategy and operations.

Examples of his recent projects include the following:

  • through-the-crisis strategic and business planning for Greek banks, including sector-level analysis on the evolution of revenues and profits in key segments
  • development of banking-portfolio restructuring options and asset-disposal programs in a number of European countries
  • design of capital-optimization programs with specific actions to achieve risk-weighted asset relief of 10 to 30 percent for major European banks
  • setup and operational launch of a credit-management function and credit-monitoring strategies for a Greek bank
  • collaboration with a European retail bank on the design and implementation of an early-warning system and a collections process for credit management in its small-business segment
  • development of a new national growth model and strategy for Greece based on 13 sectors of economic activity; the effort resulted in the report titled Greece 10 Years Ahead

Fluent in English, Greek, and French, Theo joined McKinsey in 2000. He holds an MSc in chemical engineering from the National Technical University of Athens and an MBA from Rotterdam School of Management, Erasmus University. He is based in Athens.

Published work

Managing and monitoring credit risk after the COVID-19 pandemic,” McKinsey & Company, July 2020

The lending revolution: How digital credit is changing banks from the inside,” McKinsey on Risk, August 2018

IFRS 9: A silent revolution in banks’ business models,” McKinsey on Risk, April 2017

So many stress tests, so little insight: How to connect the ‘engine room’ to the ‘board room’” (PDF–568 KB), McKinsey & Company, May 2012

Basel III: Now the hard part for European banks,” McKinsey Quarterly, November 2010


National Technical University of Athens
MSc in chemical engineering

Rotterdam School of Management, Erasmus University