The takeover of Credit Suisse by UBS does not pose “any competition problems in the European Economic Area,” the European Commission concluded on 25 May. Brussels has therefore authorised the transaction “unconditionally”.

“The merger would not significantly reduce competition in the markets where their activities overlap,” the commission said, adding that “the combined entity will continue to face significant competitive pressure from a wide range of competitors.”

On 19 March, UBS, Switzerland’s leading bank, its intention to acquire its rival Credit Suisse for CHF 3bn (€3.09bn). The bank had been in dire straits since 14 March, when it published its annual report. The flight of clients would then have cost it €10bn in deposits per day the previous week.

The operation was notified to the European Commission on 26 April. As the guardian of competition within the European Union, particularly in the case of major mergers, the commission had to carry out its market investigation before the transaction could be validated. This has now been done. According to several media reports, UBS had stated that it hopes to complete the acquisition by June.

This story was first published in French on . It has been translated and edited for Delano.