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, 26.3.2021 
C(2021) 2266 final 
PUBLIC VERSION  
Deutsche Pfandbriefbank AG 
Parkring 28  
85748 Garching  Germany 
 
Caisse des Dépôts et Consignations 
56, rue de Lille 
75007 Paris  France 
Subject: Case M.10043 – CDC / PBB / CAPVERIANT 
Commission decision pursuant to Arti cle 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 March 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which the 
undertakings Deutsche Pfandbriefbank AG (‘ PBB’, Germany) and Caisse des dépôts 
et consignations (‘CDC’, France) acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the undertaking Capveriant GmbH (‘Capveriant’, Germany) by way of purchase of shares.
3 
2. The business activities of the undertakings concerned are: 
 for Capveriant: a digital platform that connects public sector entities that need 
financings and lenders that offer loan s and bonds, launched by PBB in the 
German market in 2018 and in the French market in 2019. It also offers a few 
ancillary services. 
                                                 
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 83, 12.03.2021, p. 6. 

 
2  for PBB: the holding company of the PBB group, which is active in the finance 
banking and more specifically in the commercial real estate and public sector 
financing services. PBB mainly provides lending services. 
 for CDC: a French special status public establishment, that, along with its 
subsidiaries form a public group serving the general interest and the country’s economic development. This group fulfils missions of general interest in support 
of public policies conducted by the French  State and local authorities. It has two 
main areas of activities: (i) public servi ce / general interest activities, and (ii) 
open-market business activities. 
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) and (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 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.