The European Commission published a press release this week announcing its approval of Dutch bank insurance firm SNS REAAL to restructure the company, noting that the bank’s plans fall in line with EU state aid rules.
As part of the agreement, the Commission has ordered the Netherlands to divest property finance activities. Following the restructuring plan, the bank said it will focus on its retail division and divest its property finance portfolio into a bad bank, eventually winding down the operation.
EU state aid law falls under the jurisdiction of competition regulators.
Full Content: Europa
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