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,  11.05.2022  
C(2022 ) 3193 final  
PUBLIC VERSION  
HSBC Bank (Singapore) Limited  
10 Marina Boulevard  
#48-01 
Marina Bay Financial Centre  
Singapore 018983  
 
Kovan Investments Pte. Ltd.  
60B Orchard Road  
#06-18 Tower 2  
The Atrium@Orchard  
Singapore 238891  
Subject : Case M. 10571 – HSBC SINGAPORE / TEMASEK / 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 April 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which HSBC Bank 
(Singapore) Limited (“HSBC Singapore”, Singapore), wholly owned by HSBC 
Holdings plc (“HSBC”, United Kingdom) and Kovan Investments Pte. Ltd. (“Kovan”, 
Singapore), wholly owned by Temasek Holdings (Private) Limited (“Temasek”, 
Singapore), acquire  within the meaning of Article 3(1)(b ) and 3(4) of the Merger 
Regulation  joint control of Sustainable Infrastructure Capital P te. Ltd. (“Joint 
Venture”, Singapore) . The concentration is accomplished by way of purchase of 
shares .3 
                                                 
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 Jou rnal of the European Union No C 167 , 21.04.2022 , p. 34. 

2 2. The business activities of the undertakings concerned  are the following : 
 HSBC is a banking and financial services company headquartered in London, 
United Kingdom. HSBC is split into 3 primary lines of business: Wealth and 
Personal Banking (WPB); Commercial Banking (CMB) and Global Banking and 
Markets (GBM). Both  CMB and GBM offer corporate banking services to 
corporate and institutional clients of varying sizes , 
 Temasek is an investment company headquartered in Singapore, mainly active in 
Singapore and the rest of Asia. Temasek’s global portfolio covers a broad 
spectrum of industries: financial services; telecommunications, media and 
technology; transportation and industrials; consumer and real estate; as well as 
life sciences and agri -food,  
 The J oint Venture  is a greenfield full -function joint venture set up in S ingapore 
which will provide debt financing for sustainable infrastructure projects in sectors 
such as renewable energy, energy storage, water and waste (wastewater and solid 
waste management) and sustainable transport in Asia, with an initial focus on 
Southeast Asia.  
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 (a) 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 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.