Tuesday, 19 June 2012 00:00

Decision 542/2012

Decision on the transaction notified, according to article 6 par. 1 - 3 of law 3959/2011, by "NATIONAL BANK OF GREECE S.A." concerning the acquisition by it of all the contractual relations resulting from bank account opening agreements that were concluded between the credit cooperative "Achaean Cooperative Bank Co." and third parties and the claims of third parties against the "Achaean Cooperative Bank Co." resulting from fixed-term deposit agreements.

Decision 542/2012
File (PDF) Decision 542/2012
Date of Issuance of Decision

June 19th, 2012

Issue Number of Government Bulletin
Relevant Market

Retail and Corporate Banking, Financial 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)

NATIONAL BANK OF GREECE S.A.

Target company(ies)

ACHAEAN COOPERATIVE BANK Co.

Summary of Decision

By its unanimous decision, the competent Chamber of the Hellenic Competition Commission approved the notified transaction consisting in the acquisition by the "NATIONAL BANK OF GREECE S.A." of all the contractual relations resulting from bank account agreements concluded between  the credit cooperative "ACHAEAN COOPERATIVE BANK Co." (until its placement in a regime of special liquidation) and third parties, and the claims of third parties against the "ACHAEAN COOPERATIVE BANK Co." resulting from fixed-term deposit agreements, considering that the proposed transaction does not raise serious doubts as to its compatibility with competition rules in the relevant markets concerned.

It is noted that the Plenary of the Hellenic Competition Commission had already allowed, by reasons of urgency, by its Decision no. 537/VII/ 2012, the realisation of the above concentration by way of derogation before the issuance of an approval Decision, according to article 9 par. 3 of Law 3959/2011. In adopting that Decision, it had taken into account reasons relating to the protection of financial stability, the strengthening of depositors' confidence in the financial system and the fact that the concentration in question did not, prima facie, pose a threat to competition.

Judicial Means Final. No appeal.
Decisions by the Court of Appeal of Athens (Administrative Division) -
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