(BRUSSELS) - The European Commission approved on Wednesday BNP Paribas' takeover of the Belgian and Luxembourg businesses of troubled bank Fortis, judging the deal will not stifle competition.

Europe's top antitrust watchdog said that it had given its blessing to the deal after French bank BNP Paribas promised to sell its Belgian credit card business.

"In light of this commitment, the commission concluded that the transaction would not significantly impede effective competition," it said in a statement.

After a crisis of confidence, Belgian-Dutch bank Fortis was dismantled in October, with its Dutch assets taken over by the Dutch government for 16.8 billion euros and its Belgian and Luxembourg activities sold to BNP.

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