June 25, 2017 / 7:00 PM / 4 months ago

EU Commission clears state aid for Veneto banks

BRUSSELS (Reuters) - The European Commission said on Sunday it had approved an Italian plan to wind down two ailing Veneto-based regional lenders, Banca Popolare di Vicenza and Veneto Banca, with the help of taxpayer money.

FILE PHOTO: The Banca Popolare di Vicenza headquarters is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo

The plan involves the sale of some of the two banks’ businesses to Intesa Sanpaolo (ISP.MI), Italy’s top retail bank, for a token price.

Reporting by Silvia Aloisi

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