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EC clears Portuguese aid for Novo Banco sale, restructuring

Oct 12, 2017 - SNL European Financials Daily

The European Commission approved under EU state aid rules Portuguese aid for the sale of Novo Banco SA, saying the measures will allow its new owner, U.S. private equity firm Lone Star Funds, to carry out its restructuring plan, which the commission said will ensure the bank's long-term viability while limiting distortions to competition.

"Now it is important that the new owner successfully enacts the plan, so that that the bank can support the Portuguese economy," said Margrethe Vestager,

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