Decision 549/2012 | |
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File (PDF) | Decision 549/2012 |
Date of Issuance of Decision |
October 10th, 2012 |
Issue Number of Government Bulletin | |
Relevant Market |
Retail – Corporate Banking – Mutual Fund Management, Stock Exchange Services, Insurance Services |
Subject of the Decision |
Merger |
Legal Framework |
Phase I (Article 8 par. 3 of L. 3959/2011) |
Operative part of the Decision |
Clearance |
Acquiring company(ies) |
PIRAEUS BANK S.A. |
Target company(ies) |
AGROTIKI BANK OF GREECE S.A. |
Summary of Decision |
On 27.8.2012, the credit institution under the name "PIRAEUS BANK S.A." notified to the Competition Commission, in accordance with the provisions of Law 3959/2011, the "Transfer Agreement" dated 27.07.2012 between PIRAEUS and the credit institution being under special liquidation "AGROTIKI BANK OF GREECE S.A.". By this Agreement, the parties agreed on the transfer from the latter to the former of all the contractual relationships with third parties, as well as all the assets and liabilities of "AGROTIKI BANK OF GREECE S.A." ( rights, claims, liabilities and encumbrances of any kind), except for specific contractual relationships and specific assets, which will be referred to hereinafter as "non-transferable assets". In summary, "PIRAEUS BANK SA" acquired, by paying a price of € 95 million, the following assets of "AGROTIKI BANK OF GREECE SA": 1. € 14.7 billion of its selected assets, of which € 10.6 billion correspond to loans net of provisions and € 4.2 billion to other assets, 2. € 21.4 billion of its selected liabilities, of which € 14.3 billion correspond to deposits, € 6.7 billion to interbank liabilities and € 0.4 billion to other liabilities, 3. Its branch network in Greece, including a branch in Frankfurt, Germany, its premises and trademarks belonging to it, 4. A percentage of the share capital of its subsidiary, "AGROTIKI INSURANCE S.A.", based in Greece, which controls "ATE INSURANCE SA ROMANIA ", based in Romania, 5. A percentage of the share capital of its subsidiary, "ATE MUTUAL FUND MANAGEMENT SOCIETE ANONYME", based in Greece, 6. A percentage of the share capital of its subsidiary, «ATEBANKROMANIAS.A.», based in Romania, 7. A percentage of its share capital in other banking institutions. The merger took place in accordance with the procedure provided for in article 63D of Law 3601/2007. The Hellenic Competition Commission, in Plenary, unanimously approved the merger, considering that it does not raise serious doubts as to its compatibility with competition rules. |
Judicial Means | Final. No appeal. |
Decisions by the Court of Appeal of Athens (Administrative Division) | - |