By Edith Hancock
The European Commission approved Banco Santander's plans for a joint venture with London-headquartered Pemberton Asset Management Holdings.
The commission, which acts as the European Union's antitrust watchdog, approved on Thursday the venture without conditions.
Under the terms of the agreement, the Spanish bank and the asset manager will have joint control of a newly created venture called Emerald TradeCo UK Limited.
The companies notified the commission of their plan to set up a joint venture last November, aimed at providing large and mid-sized corporates with supply-chain solutions.
Write to Edith Hancock at edith.hancock@wsj.com
(END) Dow Jones Newswires
December 05, 2024 07:19 ET (12:19 GMT)
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