April 29, 2014 / 9:47 AM / 3 years ago

EU executive approves restructuring aid for Greek bank Eurobank

BRUSSELS, April 29 (Reuters) - The European Commission has approved restructuring aid for Greece’s third-largest lender Eurobank, the European Union executive said on Tuesday.

“The plan will enable the bank to become viable in the long term without unduly distorting competition,” the Commission said in a statement.

“Greece has committed to a comprehensive set of measures covering both the restructuring of Eurobank’s activities and the credit policy of the group,” it said.

Eurobank’s restructuring plan runs until 2018. It mainly aims at a deeper refocusing on core banking activities in Greece and a return of these operations to strong profitability. (Reporting by Justyna Pawlak; editing by Barbara Lewis)

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