The European Commission has temporarily approved of a €1.1 billion recapitalisation grant to Portuguese bank Banco Internacional do Funchal S.A. (Banif), as permitted under EU state rules regarding aid for financial stability. 

It’s planned that the grant will allow the bank to meet regulatory capital ratios that have been set by Portugal’s banking regulators, and will be handled by the Directorate General of Competition, as state aid rules fall outside the €78 ...

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