Brussels, 30/11/2011 (Agence Europe) - The European Commission has approved the planned acquisition of a number of retail and commercial banking assets of Royal Bank of Scotland (RBS) in the UK by Banco Santander of Spain. After a re-notification following changes to the previously approved deal (see EUROPE 10238), the Commission concluded that the amended transaction would not raise competition concerns, in particular because the overlaps between the parties' activities are very limited and Santander market shares will remain low in the UK.
The Commission's examination focused on the impact of the planned acquisition of the assets, collectively known as Rainbow, on the market for personal current accounts, mortgages, card-based consumer credit and cash handling services. The analysis confirmed that Santander presently has a relatively limited share of the UK commercial banking market, and the overlaps in these areas resulting from the acquisition are low. The Commission therefore concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. (OL/transl.fl)