Brussels, 13/03/2014 (Agence Europe) - On Thursday 13 March, the European Commission concluded that an amendment to Banco CEISS' restructuring plan, following its recent acquisition by Unicaja Banco, is in line with EU state aid rules. Competition Commissioner Joaquin Almunia commented: ”The acquisition of Banco CEISS by Unicaja Banco will ensure that Banco CEISS becomes viable in the long run, which is a key objective of our state aid policy”. After several state support measures for Banco CEISS since 2010, the Commission has approved the bank's final restructuring plan, based on an integration with Unicaja, in May 2013. The plan's implementation was conditional upon Unicaja's offer reaching an acceptance level of 75% among Banco CEISS shareholders, and when Unicaja failed to meet this threshold, Spain requested the right to amend the restructuring plan, in order to successfully proceed with the acquisition. The new plan also includes additional new restructuring measures. Consequently, Banco CEISS' balance sheet will be reduced by 28% between 2012 and 2016. Banco CEISS will cease lending to real estate developers and limit its presence in wholesale business. This will contribute to reinforcing its capital and liquidity positions and reduce its reliance on wholesale and central bank funding. Furthermore, the new plan confirms the transfer of Banco CEISS' real estate development exposure to an asset management company, thus removing risk from its balance sheet. (EL)