On 29 September 2010, the Commission approved a €650 million recapitalisation of the restructuring of Sparkasse Köln/Bonn, the second largest savings bank in Germany. The bank was strengthened by a total of €650 million in the wake of the financial crisis and in November 2009, the Commission opened an in-depth investigation into the compatibility of the measures with EU State Aid rules. The Commission also invited the bank to submit a restructuring plan so as to be able to assess the bank’s long-term viability without continued state support. The Commission has now concluded that the restructuring plan is appropriate to restore the bank’s viability, while addressing the competition distortions brought about by the State Aid. Click here for more information.
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Commission approves restructuring of German bank Sparkasse Köln/Bonn
- Mayer Brown LLP
- European Union, Germany
- October 1 2010
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