Bank of Spain approves nationalised banks' restructuring plans

MADRID Tue Nov 27, 2012 1:01pm EST

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MADRID Nov 27 (Reuters) - The Bank of Spain has approved the restructuring plans for four of the country's nationalised banks due to receive aid from Europe, Spanish restructuring fund FROB said on Tuesday.

The FROB, which controls the banks bailed out by Spain, added that the European Commission was expected to give its definitive approval to the plans on Wednesday.

The banks involved are Bankia, Novagalicia Banco, CatalunyaCaixa and Banco de Valencia.

The FROB said it expected to receive European funds in the first half of December, and it would then inject them into the banks. (Reporting by Sonya Dowsett, writing by Sarah White)