Properties worth hundreds of millions of euros are expected to come on the market in the next few months as banks and the investments funds that have acquired portfolios of loans secured against property assets are picking up the pace in this process to make the most of improving conditions and institutional investors' appetites for more and larger properties, so as to secure higher prices.
Piraeus Bank grew second quarter net profit as provisions for impaired loans decreased, Greece's largest lender by assets said on Friday.
Piraeus Bank, which is 26.2 percent owned by the country's HFSF bank rescue fund, reported a net profit from continued operations of 20 million euros ($22.29 million) after net earnings of 14 million in the first quarter.
The Greek banking system has radically changed over the past two decades. Mergers and acquisitions had already begun in the late 1980s, but it was two significant events 20 years ago that marked the beginning of a process that has led to the consolidation of the country's banking sector in the dominant "big four" (Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank).