The European Commission has approved under the EU Merger Regulation the proposed acquisition of a number of retail and commercial banking assets of Royal Bank of Scotland (RBS) in the UK by Banco Santander of Spain.
The Commission’s examination focussed on the impact of the proposed acquisition of the assets, collectively known as Rainbow, on the markets 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)1 or any substantial part of it.
