Piraeus Bank sells 60 pct of properties put on online auction

Piraeus Bank sell 60 pct of properties put on online auction

Piraeus Bank, the country's largest lender, sold 60 percent of the properties put up for sale on its online auctions platform, raising 2.5 million euros.

Greek banks are picking up efforts to reduce bad loans left on their balance sheets by the country's eight year downturn, which currently amount to some 95 billion euros, about one in two loans held. National Bank of Greece (NBG) is expected to follow in the steps of peer Piraeus and soon launch its own online property auction platform.

SEE ALSO: National Bank to launch online auctions platform next month

In the latest auction held by Piraeus Bank June 19-20, the lender sold 22 of the 37 pieces of real estate that went under the hammer.

The bank said that 330 potential buyers from Greece and abroad participated in the sales process.

The next batch of properties to go up for sale on the platform, properties4sale.gr, will be in October.