Among major privatisation initiatives in 2001 was the agreement to sell to the private Piraeus Bank 57.7 per cent of the state-owned Hellenic Bank for Industrial Development (ETBA
), which in the past was a perennial loss-making institution and a vehicle for state intervention.
In October 2001, the Hellenic Bank for Industrial Development (ETBA
) was privatised through its acquisition by the Bank of Piraeus.
The acquisition of the Hellenic Bank for Industrial Development (ETBA
) by the Bank of Piraeus implies the privatisation of the ETBA
The industrial zone of ETBA
, the province of Langadas and the part west of the Axios river which belongs to the prefecture of Thessaloniki, the province of Troizinia belonging to the prefecture of Attica, as well as the prefectures and areas not belonging to areas A, C and D.
Most of the companies belong to the Organisation for Reconstruction of Enterprises (IRO) and the rest to the National Bank of Greece, to the Agricultural Bank of Greece, to the Hellenic Industrial Development Bank (ETBA
The Bank of Greece made, however, two exceptions by easing the tight liquidity position of the Agricultural Bank and of the Hellenic Industrial Development Bank (ETBA
), state owned banks with serious cash-flow difficulties and considerable bad loans.