On Thursday, the European Union approved UBS’s acquisition of Credit Suisse, which resolved instability in the global banking industry earlier in the year.
According to the European Commission, the merger between the two Swiss lenders has been approved without any conditions, as it was determined that the agreement would not pose any competition issues within the bloc.
“In particular, the Commission found that the combined entity will continue facing significant competitive pressure from a wide range of competitors in all […] markets, including several major global banks as well as specialist providers and strong local players,” it said in a statement.
Related: South Korean Watchdog OKs Credit Suisse’s UBS Takeover
In March, UBS reached an agreement to acquire Credit Suisse. Credit Suisse had faced challenges with credit outflows and declining investor confidence due to a number of scandals. The Swiss government and financial authorities supported the deal, as they aimed to prevent potential banking sector crises resulting from Credit Suisse’s issues.