Deutsche Bank AG won approval Thursday from the European Union for the $10.1 billion acquisition of Bankers Trust Corp.

The go-ahead, which had been expected, clears another hurdle toward completion of the deal, slated for the second quarter. Approval by U.S. regulators is still pending.

The Frankfurt-based bank agreed to acquire Bankers Trust, New York, in November. It would be the largest foreign takeover of a U.S. banking company.

Separately, Deutsche Bank said 30-year veteran Juergen Krumnow, a member of the board of managing directors, would resign at yearend to pursue other interests. Mr. Krumnow, 54, oversees the bank's risk management and audit activities.

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