Piraeus Bank to sell second batch of properties online

Greece's Piraeus Bank, the country's largest lender, will launch the second round of online property auctions on October 24-25, it said Monday.

The bank will put 57 properties from around Greece up for sale on its recently launched electronic platform (properties4sale..gr) - assets that have been taken from loan holders who could no longer meet debt repayments as part of the bank's effort to reduce bad loans.

Greek banks have been stuck with a mountain of bad loans worth more than 100 billion euros from Greece's economic crisis and have been slow in offloading them, drawing criticism from European banking regulators.

The starting price for the assets up for sale will range between 11,000 to 1 million euros and include apartments, offices, retail and buildings.

The bank introduced the online auction concept earlier this year when in January it held its first round of electronic sales.

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