Piraeus Bank to auction off 37 properties

Piraeus Bank to auction properties Nov 21

Piraeus Bank, Greece's largest lender, will hold its next batch of property auctions on November 20 and 21, it said in a statement.

The auction, to be held on its website properties4sale.gr, is part of efforts to reduce 26 billion euros sitting on its balance sheet as a result of the country's economic crisis. This is the highest chunk of bad loans held by Greece's systemic banks - that include National Bank, Eurobank and Alpha Bank - with all four lenders hold nonperforming loans of 75 billion euros.

Piraeus Bank said that 37 properties, including apartments, houses, shops, and plots of land from all over Greece will go under the hammer. The starting price of the properties ranges from 15,000 euros to 310,000 euros with a "Buy Now" option also being available.

"For Piraeus Bank Group this process will free up liquidity that will be channeled back into the Greek economy and, at the same time, help make the best use of the properties owned by the group," the lender added.

Earlier this month, Piraeus Bank hooked up with Swedish loan servicer Intrum to create the biggest independent servicer of bad loans and real estate assets in the Greek market.


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