Resolution scheme of Banco Popular is officially approved by European Commission

Resolution scheme of Banco Popular is officially approved by European Commission

The European Commission has officially approved a resolution scheme of Spain's Banco Popular Espanol built around a proposal prepared by the Single Resolution Board, as the Commission informed in its statement on Wednesday.

The resolution suggests the sale of Banco Popular to Santander. As for the clients of Banco Popular, they’ll continue to be served without disruption, as the Commission told.

The Commission told that all depositors keep having uninterrupted access to the entire amount of their deposits. Apparently, following the resolution decision, the financial institution can continue its regular activities.

As previously reported, the resolution involved no aid from the Single Resolution Fund and also no state aid, and the sale to Santander actually had to do with normal merger as well as regulatory review by the EU's competition authorities.

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