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EU: German bank restructuring plan cleared

 |  August 23, 2013

The European Commission announced its approval to a restructuring plan for German bank NORD/LB following agreements with Germany over its state aid offered to the bank. The bank’s initial restructuring plan was first cleared last year, but the Commission later discovered that the plan was revised shortly before the approval without notification to the EU watchdog. Germany then notified amended commitments that include more divestures and an extension of the bank’s original acquisition ban. The ban will extend until the end of 2016, according to repots. The EC declared the additional commitments to be sufficient.

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