European Commission approves acquisition of Saxo Bank by Geely

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The European Commission said on Wednesday it has approved the acquisition of sole control over Saxo Bank, one of Denmark's biggest banks, by Geely Financials Denmark.

The Commission concluded that the acquisition raised no competition concerns because the companies' combined market shares remain very limited on the markets concerned.

Saxo Bank is an online investment bank offering online trading and investment services worldwide and banking services in Denmark. 

Geely Financials Denmark is part of Zhejiang Geely Holding Group, a Chinese multinational company active in the automotive manufacturing industry. 

The transaction marks Zhejiang Geely's first move into international financial services.