Monday, 02 September 2013 00:00

Decision 574/2013

Decision on the prior notification of a concentration, pursuant to Article 6 par. 1-3 of L. 3959/2011 by the banking company under the name “Piraeus Bank S.A.” regarding the acquisition of assets and liabilities of the Greek activity of the banking companies established in Cyprus a) “Bank of Cyprus Public Company Ltd”, b) “Cyprus Popular Bank Public Co Ltd” and c) “Hellenic Bank Public Company Ltd”.

Decision 574/2013
File (PDF) Decision 574/2013
Date of Issuance of Decision

September 2nd, 2013

Government Gazette Issue No
Relevant Market
  1. Retail Banking,
  2. Corporate Banking
  3. Other Financial Services
Subject of the Decision

Merger

Legal Framework

Phase Ι (Article 8 par. 3 of L. 3959/2011)

Operative part of the Decision

Clearance

Acquiring company(ies)

Piraeus Bank S.A. 

Target company (ies)

  1. Bank of Cyprus Public Company Ltd
  2. Cyprus Popular Bank Public Co Ltd
  3. Hellenic Bank Public Company Ltd 
Summary of Decision

The Plenary Session of the Hellenic Competition Commission (HCC), with its no. 574/VII/2013 unanimous decision, approved, pursuant to article 8 of L. 3959/2011,  the notified concentration with regard to the acquisition by the company “Piraeus Bank S.A.” of assets and liabilities of the Greek activity of the banking companies established in Cyprus a) “Bank of Cyprus Public Company Ltd”, b) “Cyprus Popular Bank Public Co Ltd” and c) “Hellenic Bank Public Company Ltd”.

By its decision, the Hellenic Competition Commission considered that this concentration, which refers primarily to the provision of financial services, does not raise serious doubts as to its compatibility with the competition rules  in the  relevant markets concerned (and in particular in the relevant markets of retail banking deposits and lending, corporate banking deposits and lending, the issuing and acquiring of payment card transactions, mutual fund allocation, factoring agency and leasing).

It is pointed out that the Plenary Session of the HCC, in its preliminary extraordinary meeting dated 25.03.2013,   had already allowed, by way of derogation the implementation of the above transaction, before the issue of the final HCC approval decision. This was done, in order to ensure the direct access of the Greek public to services and products provided by the branches of the acquired Cypriot credit institutions in Greece and to protect financial stability in the Greek banking market.

Judicial Means

Final. No appeal.

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

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