Banking merger authorised
Thursday 19 July 2012
The European Commission granted clearance, on 19 July, to the acquisition of a controlling stake by Banco Santander of Spain of the Polish bank Kredytbank and of Zagiel, a Polish credit intermediary. Both of these entities are currently controlled by the Belgian banking group KBC, and are divested as part of the obligations according to the Commission’s state aid decisions on the restructuring aid that the bank received during the financial crisis. However, the clearance is without prejudice to the fulfilment of these obligations.