EUROPE – The European Commission has cleared State Street’s planned 1.5 billion dollar acquisition of Deutsche Bank’s global custody arm.

“The European Commission has cleared the proposed acquisition of Deutsche Bank’s business unit Global Securities Services by State Street Corp. of the US,” the European Commission said in a statement.

The statement adds: “This transaction has been reviewed by the European Commission, which has come to the conclusion that it will not bring significant change to the competitive framework of the different markets which constitute securities services, neither at a global nor at a national level.”