Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  22.09.2020  
C(2020)  6602 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M. 9910 -  MAPFRE GROUP/SANTANDER GROUP/POPULAR 
SEGUROS JV 
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 August 2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which:   
a. the undertakings Mapfre S.A., and its subsidiaries (‘Mapfre Group’, Spain)  
and Banco Santander, S.A., and its subsidiaries (‘Santander Group’, Spain)  
acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger 
Regulation  joint control of Popular S eguros – Companhia de Seguros, S.A. 
(‘Popular JV’, Portugal), controlled by the Santander Group;  
b. Mapfre Group  acquires sole control of a portfolio of life insurance  policies 
(the “Portfolio”), controlled by  Santander Group3. 
2. The acquisition of joint control by Mapfre Group and Santander Group over Popular 
JV and the acquisition of sole control over the Portfolio by Mapfre Group are 
conditional upon each other and carried out by the same undertaking (Mapfre Group), 
constituting a single concentration  within the meaning of Article 3 of the Merger 
Regulation . . The concentration is accomplished by way of purchase of shares  and 
assets.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Communi ty’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3      Publication in the Official Journal of the European Union No C 289 , 1.9.2020, p. 2  

2 3. The business activities of the undertakings concerned are:  
− for Mapfre Group: insurance and reinsurance activities across 45 countries, 
including Portugal, Spain and other countries in Europe and worldwide,  
− for Santander Group: retail banking, corporate banking, investment banking, asset 
management and treasury across Europe, as well as in the United States, Latin 
America and As ia, 
− for Popular JV: the provision of non- life insurance in Portugal , 
− for the Portfolio: a portfolio of life insurance policies . 
4. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
5. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.