National Bank to launch online auctions platform next month

National Bank to launch online auctions platform next month

National Bank of Greece (NBG) will launch next month an online platform to sell property, similar to that introduced by the country's largest lender, Piraeus Bank, last year, said George Frangou, head of group real estate at NBG, on Tuesday.

Speaking at the RED Business Form, Frangou said that work is being done on the auctions platform that will be completed soon.

Last year, Piraeus Bank was the first lender in the country to launch an online property service ( producing mixed results with about one in two auctions passed in.

The bank sells some 300 properties on the platform every year, said George Satlas, chief information officer at Piraeus Real Estate.

SEE ALSO: Piraeus Bank property auctions miss the mark, 50% passed in

Under pressure from European banking regulators, Greek lenders have been trying to pick up the pace of offloading non performing loans and the assets left behind on their balance sheets.

Despite low prices, demand for Greek real estate remain low amidst tight credit conditions and high unemployment as the economy struggles to emerge from an eight year economic downturn.


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