Monday, 25 March 2013 08:29

Decision 564/2013

Decision on a derogation request, according to article 9 par. 3 of Law 3959/2011, as in force, of the "PIRAEUS BANK SA", in relation to the acquisition of assets and liabilities of the Greek activity of the banking companies based in Cyprus (a) "BANK OF CYPRUS PUBLIC COMPANY LIMITED", (b) "CYPRUS POPULAR BANK PUBLIC CO LTD" and (c) "HELLENIC BANK PUBLIC CO LTD”.

Decision 564/2013
File (PDF) Decision 564/2013
Date of Publication of Decision MARCH 25th, 2013
Issue Number of Government Bulletin
Relevant Market

Retail and Business Banking, Financial Services

Subject of the Decision

Merger

Legal Framework

Article 9 par. 3 L. 3959/2011

Operative part of the Decision

Derogation was allowed

Notifying company/ies

PIRAEUS BANK SA

Controlled

1. BANK OF CYPRUS PUBLIC COMPANY LIMITED

2. CYPRUS POPULAR BANK PUBLIC CO LTD

3. HELLENIC BANK PUBLIC COMPANY LIMITED

Summary of Decision

The Plenary Session of the HCC in an extraordinary meeting andafter considering the need to protect financial stability in the Greek banking market and ensure direct access of the public to services and products of the Greek branches of the credit institutions: 

(a) "BANK OF CYPRUS PUBLIC LIMITED PUBLIC COMPANY", (b) "CYPRUS POPULAR BANK PUBLIC CO LTD" and (c) "HELLENIC BANK PUBLIC COMPANY LIMITED", based in Cyprus, decided unanimously with Decision no. 564 / VII / 2013, to grant derogation to the "PIRAEUS BANK SA", upon request, based on article 9 par. 3 of law 3959/2011, and to allow the completion of the notified concentration concerning the acquisition by the applicant of selected assets and liabilities in Greece of the above credit institutions, before the formal clearance decision is issues by the HCC.

Judicial Means FinalNo judicial proceedings.
Decisions by the Court of Appeal of Athens (Administrative Division) -
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