Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Banif Wins Temporary EU Approval for $1.46 Billion Portugal Aid

Jan. 21 (Bloomberg) -- Banif SGPS SA won temporary European Union approval to receive 1.1 billion euros ($1.46 billion) in aid from Portugal’s government to help it meet local capital requirements.

Portugal must provide a far-reaching restructuring plan for the Funchal, Madeira-based lender by March 31 to allow EU regulators take a final decision on whether the capital injection meets EU rules on aid to banks, the European Commission said in a statement today.

“Portugal urgently needs to work out an in-depth restructuring plan, refocusing the bank on its core activities in Madeira and the Azores and leading to a significant downsizing of its operations,” EU Competition Commissioner Joaquin Almunia said in the statement.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.