According to the Universal Bank Principle in Europe

a. Commercial banks can engage in banking activities as long as these meet a series of conditions according to the European Central Bank and regulators

b. Commercial banks can engage in the full range of banking activities, which includes retail as well as direct or indirect engagement in wholesale and even investment banking

c. Commercial banks can engage in a limited range of banking and investment activities, including retail banking but without any access to wholesale markets

d. Commercial banks need a special license for every activity they engage in and are also required by law to register in every country in Europe before they start operations