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EU: Brussels opens investigation into Banif Bank restructuring

By  |  July 26, 2015

The European Commission said on Friday that it has opened an in-depth investigation to assess whether state aid granted by Portugal to Banco Internacional do Funchal S.A (Banif) was compatible with EU state aid rules.

In particular, the European Commission said the final restructuring plan for Banif “should ensure that the bank becomes viable long-term whilst limiting distortions of competition brought about by the state support”.

The launch of an in-depth investigation gives interested third parties an opportunity to submit comments on the measures under assessment and increases legal certainty for the aid beneficiary, the Commission said, adding that it did not prejudge the outcome of the investigation.

Full content: The Wall Street Journal

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