Friday, 23 March 2012 00:00

Decision 537/2012

Decision on the request (under re. no. 2720/22.3.2012) for granting derogation, pursuant to Article 9 par. 3 of L. 3959/2011, to the company “NATIONAL BANK OF GREECE S.A.”, for the intended transfer to it of all the contractual bank account relationships drawn up between the company “ACHAIA COOPERATIVE BANK LTD.” and third parties as well as third party claims against the “ACHAIA COOPERATIVE BANK LTD.”, arising from time deposit agreements.

Decision 537/2012
File (PDF) Decision 537/2012
Date of Issuance of Decision

March 23rd, 2012

Government Gazette Issue No
Relevant Market

Retail and Corporate Banking, Financial Services

Subject of the Decision

Merger

Legal Framework

Article 9 par. 3 of L. 3959/2011

Operative part of the Decision

Allows for derogation.

Acquiring company(ies)

NATIONAL BANK OF GREECE S.A.

Target company

ACHAIA COOPERATIVE BANK LTD.

Summary of Decision

The Hellenic Competition Commission allows, pursuant to article 9 par. 3 of law 3959/2011, the derogation from the obligation to suspend the concentration regarding the intended transfer to the “NATIONAL BANK OF GREECE S.A” of all contractual bank account relationships established between the company “ACHAIA COOPERATIVE BANK LTD” and third parties, as well as third party claims against the Cooperative arising from time deposit agreements.

The Hellenic Competition Commission, taking into account the need to protect financial stability and to strengthen the public confidence on the financial system, and in particular the need to protect depositors and prevent the creation of destabilizing situations of the financial system, given the low share of the bank under liquidation, ruled the granting of the requested derogation, in order to avoid serious losses to the detriment, in particular, of the depositors of “ACHAIA COOPERATIVE BANK LTD”.

Judicial Means

Final. No appeal.

Decisions by the Court of Appeal of Athens (Administrative Division)

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