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EC Statement: Joaquín Almunia Competition Commissioner and Vice President of the Commission on WestLB

( February 16, 2011, 11:14 GMT | Official Statement) -- MLex Summary: The German government has submitted proposals to restructure Westdeutsche Landesbank, prompted by bailout aid it has received since the beginning of the financial crisis. The ministerial plan entails a limited part of WestLB becoming a 'Verbundbank' owned by the savings banks, acting as a service provider to the latter. EU competition commissioner Joaquín Almunia has pledged to contact Berlin "in the coming days to discuss the next steps."Brief statement by commissioner Almunia follows:...

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