05/01/2005 (Agence Europe) - The European Commission has granted clearance to the acquisition of joint control of Hanseatic Bank, Germany by French bank Société Générale (SG) and Otto GmbH & Co KG of Germany. Hanseatic Bank is a German bank which is only active in Germany, mainly in the area of consumer credit, residential real estate financing and factoring of receivables. SG is a universal bank active in Germany in the areas of corporate and investment banking, asset based and vendor finance, asset management for retail and corporate customers, car rental and fleet management, car financing, electronic money/e-trading and IT operational leasing and, to a very limited extent, consumer credit. Otto's main business is the retailing of non-food products by mail order. Otto has sold it's 75% share in Hanseatic Bank for an estimated EUR 190 million.