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