Greek leading metals group Viohalco, Hellenic Copper and Aluminum Industry, one of the largest industrial units in the recession-hit country, announced on Monday the transfer of its headquarters from Athens to Brussels for better access to financing.

The process of the merger with a subsidiary in Belgium, so that its shares in the future will trade on the Brussels stock market, started on Monday and is expected to end by December 2013, according to an official announcement.

"This restructuring aims to boost Viohalco's capital structure, ease its access to international financing markets and support its subsidiaries," a press release said.

According to local financial analysts and company sources, another reason behind the move is taxation. The 26-percent corporate tax rate on undistributed profits in Greece, which has been increased during the debt crisis in the framework of an austerity and reform program, is high compared to other European countries.

Established in 1937, Viohalco is the leading Greek metals processing group with shares in some 90 companies and production facilities in Greece, Bulgaria, Romania and Britain.

The group generates an annual turnover of more than 3 billion euros (4 billion U.S. dollars) and accounts for about 9 percent of Greece's total exports with sales in more than 60 countries worldwide.

Viohalco is the third major company leaving Greece in a year. In October 2012, two of the country's biggest groups by market value, drinks bottler Coca Cola Hellenic, the U.S. group's Greek subsidiary, and dairy products group FAGE moved their headquarters to Switzerland and Luxembourg respectively for the same reasons.

The Greek government has repeatedly pledged a 15-percent flat corporate tax rate when economic indexes allow the change, but entrepreneurs hit by tax hikes and a six-year recession seem to be running out of patience.

Following the announcement by Viohalco, Greek International Business Association chairman Dimitris Lakassas called on the government and Greek banks to take immediate steps to improve liquidity in the real economy and support Greek businessmen in order to reverse recession, create job positions and restore growth. Endi

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