German financial services group Allianz has received clearance from the European Commission to acquire Commerzbank's investment management arm Cominvest Gruppe. The transaction is related to the sale of Dresdner Bank - including London-based private bank Kleinwort Benson - to Commerzbank and Allianz's taking a minority share in Commerzbank.

Allianz is buying the asset management business of Commerzbank, with the exception of open real estate funds, closed funds and exchange traded funds, the Commission said in a statement.

"The Commission concluded that the merged entity's market share and impact on distribution would remain sufficiently low to exclude competition concerns."