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,  4.4.2022  
C(2022) 2244 final  
PUBLIC VERSION  
Banco Santander, S.A.  
11 Juan Ignacio Luca de Tena , Suances 
Building  
28027 Madrid  
Spain  
 Mapfre, S.A.  
52 Ctra. Pozuelo, Building 1,  
28222 Majadahonda (Madrid) 
Spain  
Subject : Case  M.10531 – SANTANDER / MAPFRE / 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 11 March  2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Banco 
Santander, S.A. and its subsidiaries (“Banco Santander”, Spain), and Mapfre, S.A 
(“Mapfre”, Spain), will acquire within the meaning of Article 3(1)(b) and 3(4)  of the 
Merger Regulation joint control of a newly created joint venture (“JV”) by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned and the newly set -up joint 
venture  are the following:  
− Banco Sant ander is the parent of the Santander Group. Its core activities are retail 
banking, insurance, corporate banking, investment banking, asset management 
and treasury across Europe, as well as in the United States, Latin America and 
Asia, 
                                                 
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 ‘ Community ’ 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 134, 25.03.2022, p. 31.  

2 − Mapfre is the parent  company of the Mapfre Group, present in the insurance and 
reinsurance sectors in 44 countries across the world, 
− The JV is intended to be active in the Spanish market for retail banking services, 
particularly, in the commercialisation of reverse mortgages to individuals.  
3. 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 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the noti fied 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.