Banco Santander (SAN) and Centerbridge Partners received European Commission approval to acquire joint control of UK-based Ebury Partners, the Commission said Tuesday.

The deal, reviewed under the EU Merger Regulation, involves Ebury's banking and payment services operations, the Commission said, adding that the deal would not raise competition concerns, citing the companies' limited market positions following the transaction.

The acquisition was cleared under the Commission's simplified merger review process, it added.