Piraeus Bank draws initial results from online auctions

Greece's largest lender Piraeus Bank said that it sold 29 properties via its recently launched electronic platform, earning the lender more than 3 million euros.

Piraeus Bank, which launched the platform in June, said that nine offers were submitted for the immediate sale of nine properties. There were another 180 bids submitted on 30 real estate assets, resulting in the sale of 20 more properties.

"This procedure frees up liquidity that will be channeled into financing the economy," the bank said in a statement.

The bank will launch the next batch of online auctions in the fall.