UK:
Commission Finds No Competition Concerns in Santander Acquisition of Banco Popular
09 August 2017
Pinsent Masons
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The SRB resolution, involving the purchase of all shares and
capital instruments of the Spanish bank by Santander for €1,
was proposed in June after the European Central Bank decided that
Banco Popular was 'failing or likely to fail' in accordance
with the EU's Single Resolution Mechanism.
The resolution
was approved by the Commission in June.
However, the Commission's approval was dependent on a
further investigation into the transaction's impact on the
markets for retail and corporate banking, leasing, factoring and
the provision of ATM services in the Portuguese and Spanish
national and regional markets.
That
investigation has now found that the transaction will not raise
competition concerns as the parties' combined market shares are
generally below 25% and strong competitors will remain in all
affected markets, the Commission said.
The decision is the final step by the Commission clearing the
acquisition.
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