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EU Commission clears state aid for Veneto banks
June 25, 2017 / 7:01 PM / 4 months ago

EU Commission clears state aid for Veneto banks

FILE PHOTO: The Banca Popolare di Vicenza headquarters is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo

BRUSSELS (Reuters) - The European Commission said on Sunday it had approved an Italian plan to wind down two ailing Veneto-based regional lenders, Banca Popolare di Vicenza and Veneto Banca, with the help of taxpayer money.

The plan involves the sale of some of the two banks’ businesses to Intesa Sanpaolo (ISP.MI), Italy’s top retail bank, for a token price.

Reporting by Silvia Aloisi

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