The commission said the 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.
Spain-based Banco Santander’s acquisition comprises of 300 branches and 40 small and medium sized-enterprise and business banking centres of the RBS in the UK.
Banco Santander is due to acquire RBS’s branch-related retail and SME business in England and Wales, the NatWest branch-related retail and SME business in Scotland and some mid-corporate customer accounts in the UK.
The EU’s watchdog said that the transaction would not harm competition and its decision would not affect RBS’s obligations under the state aid procedure.
