(CercleFinance.com) – The European Commission has authorized the acquisition of the investor services activities of Brown Brothers Harriman (BBH) by the all-American State Street Corporation.
BBH is active in the field of investor services, private banking and investment management.
The Commission found that despite the parties’ horizontal overlaps in the markets for global custody and fund administration services, the proposed transaction would not raise competition concerns, as the parties are not competitors nearby and that a number of strong competitors will remain in each of the markets after the transaction.
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