Brussels, 01/02/2010 (Agence Europe) - On Friday 29 January, the European Commission cleared the proposed acquisition of the banking group Sal. Oppenheim by Deutsche Bank, both of Germany. After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
Sal. Oppenheim is a financial services group with activities in banking and related services, in particular asset management for wealthy individuals (private banking) and institutional investors. Its focus of activity is Germany.
The Commission's examination of the proposed transaction showed that the horizontal overlaps between the activities of Deutsche Bank and Sal. Oppenheim, such as the distribution of mutual funds and the provision of private banking services, are limited and that, for all products and services concerned, the merged entity would continue to face effective competition. (L.C./transl.rt)