BNP Paribas won European Union (EU) approval to acquire the non-Dutch factoring business of Dutch state-owned bank ABN AMRO.

Fortis Commercial Finance Holding (FCF) specializes in the factoring business, such as purchasing invoices from companies to provide them with added liquidity. ABN AMRO said in June that it would keep the Dutch part of FCF.

The European Commission said in a statement that the horizontal overlap between the activities of BNP Paribas and FCF was limited.

Fortis came under government control of the Netherlands and Belgium during the financial crisis, but the Dutch assets of FCF are not part of the intended transaction and will be carved out to remain with ABN AMRO Bank.

“For all products and in all national markets concerned, the combined firm will continue to face several strong, effective competitors with significant market shares,” the EU executive said.