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. Last Updated: 07/27/2016

2nd Ionian Bank Sale

ATHENS, Greece -- The deadline for submission of non-binding bids for a majority stake in Ionian Bank was to expire Monday, with the Greek government keeping its fingers crossed that this time the sale would be completed successfully.

J.P. Morgan, retained as sale adviser by Ionian's state-owned parent Commercial Bank, which will divest a 51 percent stake in Ionian, was expected to announce the bidders late Monday or Tuesday, market sources said.

Alpha Credit Bank, EFG Eurobank-Ergobank-Deutsche Bank and Piraeus Bank-Xiosbank were expected to submit non-binding bids.

The privatization of Ionian is still viewed by many analysts as a major test of the government's privatization agenda.