Brussels, 24/10/2011 (Agence Europe) - On Monday 24 October, the European Commission opened an in-depth review to determine whether the proposed restructuring of Banco Português de Negócios (BPN) was in line with EU Sstate aid rules. BPN was nationalised in November 2008 and benefited from several state measures. The opening of an in-depth investigation will enable the Commission to gather all the information it needs to assess the compatibility of the aid and allow third parties the possibility to submit their views on the matter. It does not prejudge the outcome of the investigation.
In particular, the Commission needs information allowing it to assess whether: - BPN will be a viable entity after its integration with its future purchaser; - the aid granted to BPN is limited to the minimum needed for the restructuring; - sufficient measures are in place to limit the distortion of competition; - and the sales process does not entail aid to the buyer.
BPN is a small financial institution based in Portugal. In 2008, it had a network of 213 bank branches in total assets of €6.6 billion. (LC/transl.fl)