Press Release: State aid: Commission approves restructuring of Banco Portugues de Negócios (BPN)

The European Commission has authorised under EU state aid rules the restructuring of Banco Portugues de Negócios (BPN). BPN was nationalised in November 2008 and benefitted from several aid measures. The restructuring plan includes the sale of BPN to Banco BIC Portugal.

Following revisions made to the initial plan and the commitments submitted by Portugal, the Commission concluded that the restructuring and sale of BPN will create a viable entity while ensuring an adequate own contribution of the bank to the costs of restructuring and limiting the distortions of competition created by the aid.