EC Clears Restructuring Plans For KBC, ING, Lloyds

Law360, New York (November 18, 2009, 3:40 PM EST) -- The European Commission signed off on restructuring plans for KBC Group, ING Groep NV and Lloyds Banking Group on Wednesday, providing antitrust clearance for proposals calling for the banks to make significant divestitures and exit the riskier financial markets that contributed to the financial crisis.

All three plans seek to set up new competitors for each bank in its respective home market because all of them do business in countries where banking operations are highly concentrated, leaving roughly 80 percent of the Belgian, Dutch and British...
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