State bank officials suspended in corruption probe

Four senior officials of a Greek state-controlled bank have been suspended after money was illegally invested and lost on the stock market.

The four officials are from a subsidiary of the Hellenic Industrial and Development Bank, known by its acronym ETBA.

"We will do whatever is necessary to prosecute those responsible for this corruption," Finance Minister Nikos Christodoulakis said.

The minister did not say how much money was missing but Greek media reports estimated the damage was worth up to €30m.

Christodoulakis said the scandal would not affect plans to privatize ETBA.

The private Piraeus Bank agreed to buy a majority stake in ETBA last year for €883m but the transfer has not yet taken place.

The bank subsidiary targeted involved in the finance ministry investigation is called ETBA Finance.