October 24, 2017 / 10:05 AM / a year ago

EU regulators okay 1.83 billion euro French aid for La Banque Postale

FILE PHOTO: Signs for La Banque Postale, a French bank which is a subsidiary of the national postal service, La Poste, are seen outside a Post office in Paris, March 1, 2016. REUTERS/Mal Langsdon

BRUSSELS (Reuters) - EU state aid regulators on Tuesday approved 1.83 billion euros ($2.2 billion) in French support to La Banque Postale to help it provide basic banking services to poor people.

The European Commission said the French aid over a six-year period was in line with rules ensuring a level playing field across the 28-country bloc.

La Banque Postale is required by the French state to offer a tax-exempted interest-bearing savings account to economically disadvantaged people. The state aid will compensate for this public service obligation.

Reporting by Foo Yun Chee; Editing by Alissa de Carbonnel

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