The European Commission has approved Portugal’s restructuring plan for Banco Portugues de Negócios (BPN). The plan calls for selling BPN to Banco BIC Portugal after the restructuring. The Commission found that the plan preserves financial stability and creates a viable entity by creating synergies between the two banks. Portugal has submitted commitments to limit and adjust the aid to BPN over time.
Full content: EC Press Release
Related content: Stability and Competition in EU Banking During the Financial Crisis: The Role of State Aid Control (Gert-Jan Koopman, DG Comp)
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