Decision 574/2013 | |
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File (PDF) | Decision 574/2013 |
Date of Issuance of Decision |
September 2nd, 2013 |
Government Gazette Issue No | |
Relevant Market |
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Subject of the Decision |
Merger |
Legal Framework |
Phase Ι (Article 8 par. 3 of L. 3959/2011) |
Operative part of the Decision |
Clearance |
Acquiring company(ies) |
Piraeus Bank S.A. |
Target company (ies) |
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Summary of Decision |
The Plenary Session of the Hellenic Competition Commission (HCC), with its no. 574/VII/2013 unanimous decision, approved, pursuant to article 8 of L. 3959/2011, the notified concentration with regard to the acquisition by the company “Piraeus Bank S.A.” of assets and liabilities of the Greek activity of the banking companies established in Cyprus a) “Bank of Cyprus Public Company Ltd”, b) “Cyprus Popular Bank Public Co Ltd” and c) “Hellenic Bank Public Company Ltd”. By its decision, the Hellenic Competition Commission considered that this concentration, which refers primarily to the provision of financial services, does not raise serious doubts as to its compatibility with the competition rules in the relevant markets concerned (and in particular in the relevant markets of retail banking deposits and lending, corporate banking deposits and lending, the issuing and acquiring of payment card transactions, mutual fund allocation, factoring agency and leasing). It is pointed out that the Plenary Session of the HCC, in its preliminary extraordinary meeting dated 25.03.2013, had already allowed, by way of derogation the implementation of the above transaction, before the issue of the final HCC approval decision. This was done, in order to ensure the direct access of the Greek public to services and products provided by the branches of the acquired Cypriot credit institutions in Greece and to protect financial stability in the Greek banking market. |
Judicial Means |
Final. No appeal. |
Decisions by the Court of Appeal of Athens (Administrative Division) |
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