BRUSSELS, Dec 17 (Reuters) - Bailed-out Spanish savings bank Catalunya Banc secured European Union regulatory approval on Wednesday for its revised overhaul plan and sale to BBVA .
The European Commission said both elements complied with EU state aid rules and that they would ensure Catalunya Banc’s long-term viability.
“Catalunya Banc is sold on market terms to a competitor that has not received any public aid and without the provision of any additional state aid,” the EU competition enforcer said in a statement.
BBVA acquired Barcelona-based Catalunya Banc in July, making it the country’s biggest lender by assets. (Reporting by Foo Yun Chee; editing by Barbara Lewis)