EU approves Spain's bank restructuring
November 28, 2012 9:35 PM EST
European Union competition regulators approved on Wednesday restructuring plans for nationalized Spanish lenders Bankia
"The approval of the restructuring plans of BFA/Bankia, NCG, Catalunya Banc and Banco de Valencia is a milestone in the implementation of the Memorandum of Understanding between euro area countries and Spain," EU Competition Commissioner Joaquin Almunia said in a statement, referring to Spain's euro zone bank bailout.
The European Commission said Banco de Valencia would be sold and integrated into Caixabank
There will be a pay cap and a coupon payment and acquisition bans on the banks during their restructuring period. Investors will have to share the revamp costs, reducing the needed state aid by about 10 billion euros.
(Reporting by Foo Yun Chee; editing by Robin Emmott)
Most Popular Slideshows
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Chilling: New ISIS Video Addresses Australia; Aussie Teen Delivers Message
- Xiaomi Mi4 And MiPad Prices Likely Slashed, Thanks To Rivals Oppo, OnePlus And Meizu
- Top 4 Free-To-Download Apps for Fuller iPhone 6, 6 Plus Experience
- Battery Saving Android 5.0 Lollipop Feature Extends The Battery Life Of Your Android Device By 90 Minutes And Displays Orange Bar While Power Saving Mode Is On
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar