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3 years ago
EU regulators approve Catalunya Banc's revised overhaul plan
December 17, 2014 / 10:53 AM / 3 years ago

EU regulators approve Catalunya Banc's revised overhaul plan

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)

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