Business News

EU Clears Abanka Bailout, Merger with Banka Celje

Brussels, 13 August (STA) - The European Commission cleared Wednesday the state bailout of Abanka, Slovenia's third largest bank, paving the way for a second round of recapitalisation and the transfer of toxic loans to the Bank Asset Management Company (BAMC).

The Commission said that the restructuring plan was in line with EU state aid rules and would enable Abanka to become "viable in the long term without continued state support".

The Finance Ministry said this would allow the government to complete the bank resolution measures started in December 2013. The bank will receive a further EUR 243m in fresh capital and EUR 446m-worth of non-performing claims will be transferred to the bad bank.

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