| Decision 537/2012 | |
|---|---|
| File (PDF) | Decision 537/2012 |
| Date of Issuance of Decision |
March 23rd, 2012 |
| Government Gazette Issue No | |
| Relevant Market |
Retail and Corporate Banking, Financial Services |
| Subject of the Decision |
Merger |
| Legal Framework |
Article 9 par. 3 of L. 3959/2011 |
| Operative part of the Decision |
Allows for derogation. |
|
Acquiring company(ies) |
NATIONAL BANK OF GREECE S.A. |
|
Target company |
ACHAIA COOPERATIVE BANK LTD. |
| Summary of Decision |
The Hellenic Competition Commission allows, pursuant to article 9 par. 3 of law 3959/2011, the derogation from the obligation to suspend the concentration regarding the intended transfer to the “NATIONAL BANK OF GREECE S.A” of all contractual bank account relationships established between the company “ACHAIA COOPERATIVE BANK LTD” and third parties, as well as third party claims against the Cooperative arising from time deposit agreements. The Hellenic Competition Commission, taking into account the need to protect financial stability and to strengthen the public confidence on the financial system, and in particular the need to protect depositors and prevent the creation of destabilizing situations of the financial system, given the low share of the bank under liquidation, ruled the granting of the requested derogation, in order to avoid serious losses to the detriment, in particular, of the depositors of “ACHAIA COOPERATIVE BANK LTD”. |
| Judicial Means |
Final. No appeal. |
| Decisions by the Court of Appeal of Athens (Administrative Division) |
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