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The Regional Authority of the Southern Aegean said on Thursday it is suspending the cooperation agreements it has with Alpha Bank.
The region said the decision came after the bank announced on Tuesday it will be closing its branches on the islands of Tilos, Lipsoi and Kassos on September 14.
The decision will leave the remote islands without a bank.
The benchmark of the Athens Stock Exchange (ATHEX) recorded marginal losses on Tuesday, having gained more than 1.50 percent during trading.
The ATHEX general index ended at 720.32 points, down 0.05 percent from Monday's 720.71 points, having reached an intraday high of 731.97 points.
Turnover came to 36.77 million euros.
The European Investment Bank on Thursday announced the signing of a 24-million-euro financing agreement with Greece's Terna Energy Group to help fund the development, construction and operation of two windfarms on Mount Vermio in northern Greece.
Alpha Bank acted as co-lender, providing an equivalent amount of long-term debt next to a medium-term VAT facility.
Greek banks are stepping up efforts to rid themselves of nonperforming loans, planning to put portfolios with a total face value of 13.5 billion euros up for sale within 2018.
The bulk of that amount, or 9.7 billion euros, is expected to have been transferred by the end of the year's first half, while another 3.8 billion is set to be offered in the second half.