Thursday, 14 February 2013 08:29

Decision 562/2013

Decision on the prior notification of a merger according to article 6 par. 1 - 3 of law 3959/2011 of the company "NATIONAL BANK OF GREECE SA" related to the acquisition of control over "EUROBANK ERGASIAS SA" by submitting an optional public offer for the acquisition of all the common registered voting shares.

Decision 562/2013
File (PDF) Decision 562/2013
Date of Publication of Decision February 14th, 2013
Issue Number of Government Bulletin
Relevant Market

Retail and Business Banking, Payment Instruments, Business Claims Agencies, Mutual Funds, Portfolio Management, Investment Services, Stock Services, Insurance and Leasing

Subject of the Decision

Merger

Legal Framework

Phase ΙΙ (article 8 par. 6 and 8 L. 3959/2011)

Operative part of the Decision

Approval subject to conditions 

Notifying company/ies

National Bank of Greece SA

Controlled

EUROBANK ERGASIAS SA

Summary of Decision

The Plenary Session of the HCC met today and, with its unanimous Decision No. 562 / VII / 2013, approved, subject to conditions, the notified concentration concerning the acquisition of control by the NATIONAL BANK OF GREECE SA. over EUROBANK ERGASIAS SA, by submitting an optional public offer for the acquisition of all its common registered voting shares. 

In particular, the Commission accepted the parties' request for undertaking commitments (corrective measures) in order to remove the doubts of the HCC about the compatibility of the notified concentration with the requirements of competition in the merchant acquiring market, as well as in the mortgages and damages risk insurance. 

According to the relevant terms, the parties undertook in particular to proceed with the transfer of Eurobank's participation in Cardlink company to a third-party purchaser. In the same context, they committed to terminate two tripartite agreements on the provision of card acceptance services. Meanwhile, until the divestment of Eurobanks’ shares in Cardlink, the parties undertook the obligation to take additional safeguards to ensure that any risk of leakage of confidential information from, or through, Cardlink to third parties and parent companies is prevented.

With regard to mortgage products, the parties have committed to ensuring that their customers can choose, without discrimination, any insurance company (against fire, earthquake and other mortgage related risks) for their mortgage agreements. The HCC threatened the parties with the imposition of penalties in case of non-compliance with the above terms and conditions.

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