By its Decision no 855/2024, adopted on the 30th of August 2024, the Hellenic Competition Commission (HCC) unanimously approved the notified concentration concerning, on the one hand, the merger by acquisition of “PANCRETA BANK S.A.” by “ATTICA BANK S.A.”, within the meaning of article 5(2)(a) of Law 3959/2011, and, on the other hand, the acquisition of sole control by the company under the name “THRIVEST HOLDING LTD” over the merged entity, within the meaning of article 5(2)(b) of Law 3959/2011. 

The above concentration concerns the broader banking sector and, in particular, the markets for a) retail banking deposits and loans, b) corporate banking deposits and loans, c) card issuing and acquiring, d) factoring, e) mutual funds-UCITS, f) financial market services and g) insurance mediation. 

There are no affected markets at a horizontal and/or vertical level in the concentration considered, as the following statutory criteria are not cumulatively met in any relevant market: a) activity of at least two (2) of the parties to the concentration and a combined market share of at least 15% (regarding the horizontally affected markets) or b) activity of at least one of the parties to the concentration and a combined market share of at least 25% (regarding the vertically affected markets). 

The concentration is not expected to lead to any vertical relationships between the parties, as the activities of one party to the transaction are not carried out in an upstream or a downstream market as compared to the activities of another party to the transaction. Furthermore, according to the evidence in the case file, the concentration is not expected to give rise to any conglomerate effects.

In the light of the above, the Hellenic Competition Commission unanimously approved the notified concentration pursuant to Article 8(2) of Law 3959/2011 concerning, on the one hand, the merger between “PANCRETA BANK S.A.” and “ATTICA BANK S.A.”, by acquisition of the former by the latter company, and, on the other hand, the acquisition of sole control by “THRIVEST HOLDING LTD” over “ATTICA BANK S.A.” after the completion of its merger with “PANCRETA BANK S.A.” as, although falling within the scope of Article 6 (1) of the Greek Competition Act, it does not raise serious concerns as to its compatibility with competition rules in the individual markets concerned.