Property auctions earn Piraeus Bank 13 mln euros in 2017

Piraes Bank raises 13 mln euros from property auctions

Piraeus Bank, Greece's largest lender, sold 26 properties tied to bad loans earlier this month on its recently launched electronic auctions platform, it said in a statement Thursday.

The latest sales results bring the total number of properties sold by the bank this year to 84, earning 13.4 million euros.

The sales are a positive step in the lender's attempt to get a grip on bad loans, but the revenues are a drop in the ocean when compered to Piraeus Bank's total non performing loans that amount to about one in two loans.

The auctions are held on, the site launched by the bank in June to sell real estate left behind by default loans in a platform that is considered to be the first of its kind in Greece.

The latest auction was held on December 13-14. Twenty six properties sold were among the 42 that were put under the hammer, drawing a total of 196 bids. The bank raised 3.8 million euros from this latest sale.

The next auction will be held in March, and the bank will start posting the properties that will be sold on the site in January.