In a statement, the EC said the deal to buy the Ford-owned subsidiary would not significantly alter competition in the European fleet leasing market.
The statement reads: 'The Commission's investigation identified overlaps between the activities of Societe Generale and Hertz Lease in certain European countries regarding the provision of long term company rental and fleet management services.
'This business consists in offering operational leases to corporate clients for their light vehicles fleet, in combination with management services which usually include insurance, repairs, maintenance and fuel services. Societe Generale is active on this market through its specialised division operating under the ALD name.
'However, the Commission concluded that Societe Generale would face strong competition, including in France and Italy where its market shares would be the highest. Competitors include Renault's Diac Location, Volkswagen's Gruppo Europcar, BNP Paribas's Arval PHH and other multinational banks and car manufacturers which also provide fleet management services. '