Thursday, 13 December 2012 00:00

Decision 553/2012

Decision on the transaction notified by “PIRAEUS Bank S.A”, according to article 6 par. 1-3 of L. 3959/2011 (GG 93 Α΄/20.04.2011), concerning the acquisition of sole control over “GENIKI Bank S.A.”

Decision 553/2012
File (PDF) Decision 553/2012
Date of Issuance of Decision

December 13th, 2012

Issue Number of Government Bulletin
Relevant Market

Retail - Corporate – Investment Banking, Mutual Fund Management, Insurance Services, Leasing, Factoring, Payment Instruments-Cards

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)

PIRAEUS BANK S.A

Target company(ies)

GENIKI BANK S.A.

Summary of Decision

On 19/10/2012, a merger notification was submitted to the Hellenic Competition Commission consisting in the acquisition of sole control over GENIKI Bank (GENIKI) by PIRAEUS Bank (PIRAEUS). The business activities of the companies are: (a) for PIRAEUS Bank: banking and financial operations in general, mutual fund management, provision of investment services, stock exchange operations, insurance services, leasing, factoring and (b) for GENIKI Bank: banking and financial operations in general, leasing, factoring, insurance agency.

By its unanimous Decision No. 553/VII/2012, the Hellenic Competition Commission (HCC) approved, under Greek merger control rules, the proposed acquisition of sole control over GENIKI Bank by PIRAEUS Bank. According to the decision, the notified concentration does not raise serious doubts as to its compatibility with competition rules in the relevant markets concerned by the concentration.

By the Purchase and Divestiture Agreement dated 19.10.2012, it is agreed to transfer from SG to PIRAEUS Bank all the shares held by the former in GENIKI Bank S.A., i.e., 99.08% of the paid-up share capital and voting rights of GENIKI, as well as ii) all claims of SG vis-à-vis GENIKI from advances against any future share capital increase. In this way, PIRAEUS acquires the right of sole control over GENIKI.

According to the decision, the notified concentration does not raise serious doubts as to its compatibility with competition rules in the relevant markets concerned.

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