Economy

Former Hellenic Postbank CEO released on bail

ATHENS, Greece (AP) — The former head of a Greek bank at the center of a criminal investigation was released on bail Monday after a court appearance to answer questions over allegedly unsecured loans that prosecutors say resulted in losses of 500 million euros for the bank.

Angelos Filippidis, Hellenic Postbank's CEO from 2007 to 2010, was ordered to pay 2 million euros ($2.73 million) in bail and banned from leaving the country. He was also ordered to appear regularly at his local police station.

Filippidis had been in custody since returning last week from Turkey, where he had been held for more than three weeks pending a Greek request for extradition. The extradition request was rejected and Filippidis said he returned to Athens of his own accord after his release. He denies any wrongdoing.

About 30 former Postbank officials and businessmen face criminal charges, including fraud and money laundering, over the loans which prosecutors say were unsecured and incorrectly approved. "I'm going to fight for the obvious so that banks can do their jobs," Filippidis told reporters as he was led into the courthouse. "If I lose, then prosecutors will be approving loans."

Hellenic Postbank merged last year with Greece's Eurobank under a program restructuring the financially struggling country's banking sector.

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