Restis bank probe raises questions

Almost two-thirds of the business loans provided in the first half of 2012 by First Business Bank, where shipowner Victor Restis was chairman, went to companies that were either linked to the businessman or the lender’s shareholders, according to a Bank of Greece report compiled following an investigation.

The bank, also known as FBB, handed out 55.5 million euros in business loans during the first half of 2012, according to the report seen by Kathimerini. Of this, 17.2 million went to firms that were part of Restis’s group and another 18.9 million was provided to shareholders’ companies.

Restis was remanded in custody on Friday for alleged embezzlement and money laundering. He denies the charges. National Bank absorbed FBB in May.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.