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EC Statement: State aid - Commission approves split-up of WestLB

( December 20, 2011, 10:45 GMT | Official Statement) -- MLex Summary: The European Commission has accepted Germany’s second restructuring plan to split up WestLB. As a result of the restructuring, the bank has to sell its banking activities, which will be wound down. All Verbundbank activities will be carved out, and WestLB’s remaining assets and liabilities have to be transferred to the agency responsible for winding down the bank by 30 June 2012. After that date, WestLB will not engage in any new banking businesses and will be transformed into a financial-services platform only.Full statement follows. State aid: Commission approves split-up of WestLB...

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