June 20, 2014 / 9:53 AM / 3 years ago

Spain's NCG Banco gains EU approval for revised overhaul plan

BRUSSELS, June 20 (Reuters) - Spanish bailed-out bank NCG Banco secured European Union regulatory approval on Friday for its revised restructuring plan which followed its acquisition by Venezuelan bank Banesco.

NCG Banco received 9 billion euros ($12.27 billion) in aid from Spain and Europe. The European Commission said the latest plan will ensure the Galician lender’s long-term viability.

“The Spanish authorities committed to shorten the duration of the restructuring period,” the EU state aid regulator said in a statement.

$1 = 0.7336 Euros Reporting by Foo Yun Chee

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