The European Commission approved on Thursday 7 February, the acquisition of Grivalia by Eurobank, but only the state aid part of this operation.
This case dates back to 2014, when the European Commission approved Eurobank's restructuring plan under EU state aid law (see EUROPE 11069).
In 2015, the Commission then gave the green light to amended restructuring plans for four Greek banks, including Eurobank. One of the commitments then made to this financial institution was, for a period of five years, not to reinvest in companies where it had previously held assets without prior notification from Athens to the Commission and its approval.
The Greek authorities had therefore notified the Commission of Eurobank's intention to acquire Grivalia, one of its former subsidiaries. The Commission considered that this transaction would improve Eurobank's viability and, in particular, significantly reduce its stocks of non-performing loans. For this reason, it has given the green light to this operation for the State aid component in the coming years.
However, this operation still needs to be checked for compatibility with the rules on mergers and acquisitions in order to assess the impact of the operation on competition. (Original version in French by Lucas Tripoteau)