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, 03.07.2020  
C(2020 ) 4602 final  
PUBLIC VERSION  
To the notifying party  
Subject : Case M .9806  – HYUNDAI CAPITAL BANK EUROPE / SIXT LEASING  
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 4 June  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which Hyundai 
Capital Bank Europe GmbH (“HCBE”, Germany) acquires within the meaning of 
Article 3(1)(b) of the Merger Regulation sole control over Sixt Leasing SE (“Sixt 
Leasing”, Germany) by way of public bid announce d on 21 February 2020.3 
2. The business activities of the undertakings concerned are:  
 for HCBE : a bank that is active in automotive financing services, including 
financial leases, and the distribution of insurances, in Germany. HCBE is jointly 
controlled by Santander Consumer Bank AG (“SCB”, Germany) and Hyundai 
Capital Ser vices, Inc. (“HCS”, South Korea) . SCB and the Spain -based Santander 
group to which SCB belongs offer leasing and other automotive financing 
services and also distribute insurances in Germany , France and Austria and 
several other EEA countries. HCS is the financial services arm of the South 
Korean car manufacturing Hyundai Motor Group,  
 for Sixt Leasing : a Germany -based company that offers automotive leasing and 
related fleet management services in Germany, France and Austria. The company 
also distributes insurances . 
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 
                                                 
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 ( the ‘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, 3.1.199 4, p. 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 196 , 11.6.2020, p. 17.  

2 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 n otified 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)  
Olivi er GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .