Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7380
    -0.0006 (-0.09%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • Bitcoin CAD

    94,767.51
    -645.61 (-0.68%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ

    16,379.46
    -20.06 (-0.12%)
     
  • VOLATILITY

    13.01
    0.00 (0.00%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • CAD/EUR

    0.6840
    -0.0003 (-0.04%)
     

EU Commission clears UniCredit, Santander fund management deal

Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini (Reuters)

MILAN (Reuters) - The European Commission has approved a long-delayed deal between UniCredit and Santander to merge their fund managment businesses, it said on Friday, adding the tie-up did not raise competition concerns. The deal still needs to be cleared by a number of regulatory authorities, including the European Central Bank, the Bank of Spain and the Bank of Italy. UniCredit and Santander announced an agreement in April last year to combine Pioneer with Santander Asset Management, in a deal that would create one of Europe's leading asset gatherers with 400 billion euros (304 billion pounds) under management. However, completion has been delayed by regulatory and governance hurdles. The two banks have said they hope to close the deal by year end. Earlier this week, four sources close to the matter said the agreement had been put on hold as UniCredit looks for a new boss following the departure of Chief Executive Federico Ghizzoni. Ghizzoni agreed to step down on Tuesday but will stay on until a successor is found. (Reporting by Francesca Landini; editing by Susan Thomas)