Prior notification of a concentration (Case M.10978 – CACEIS / RBC INVESTOR SERVICES BANK / RBC OFFSHORE FUND MANAGERS / RBC INVESTOR SERVICES TRUST ASSETS) (Text with EEA relevance) 2023/C 175/09
Date: 2023-05-17
Institutions: Directorate-General for Competition, European Commission
Subjects: banking, economic concentration, insurance, investment company, merger control, provision of services, subsidiary








C_2023175EN.01001501.xml










17.5.2023   


EN


Official Journal of the European Union


C 175/15






Prior notification of a concentration
(Case M.10978 – CACEIS / RBC INVESTOR SERVICES BANK / RBC OFFSHORE FUND MANAGERS / RBC INVESTOR SERVICES TRUST ASSETS)
(Text with EEA relevance)
(2023/C 175/09)

1.   
On 5 May 2023, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


CACEIS SA (‘CACEIS’, France), controlled by Crédit Agricole SA (France),










—


RBC Investor Services Bank SA (‘RBC IS Bank’, Luxembourg), controlled by the Royal Bank of Canada Group (‘RBC’, Canada),










—


RBC Offshore Fund Managers Limited (‘RBC Channel Islands’, Guernsey), controlled by RBC,










—


RBC Investor Services Trust (United Kingdom), controlled by RBC.




CACEIS will acquire within the meaning of Article 3(1)(b) of the Merger Regulation sole control of the whole of RBC IS Bank and RBC Channel Islands, and of certain assets and liabilities of the UK branch of RBC Investor Services Trust (the ‘RBC UK Transferring Business’).
The concentration is accomplished by way of purchase of shares in RBC IS Bank and RBC Channel Islands, and by way of purchase of assets for the RBC UK Transferring Business.


2.   
The business activities of the undertakings concerned are the following:






—


CACEIS is a subsidiary of Crédit Agricole SA and provides banking, insurance and asset management services to corporate clients, institutional investors, banks and brokers.










—


RBC IS Bank, RBC Channel Islands and the RBC UK Transferring Business comprise the European asset servicing activities of RBC and its associated Malaysian subsidiary acting as a back-office to the asset servicing business. They provide custody, fund administration, transfer agency, middle office and securities lending services.






3.   

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.



4.   
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.10978 – CACEIS / RBC INVESTOR SERVICES BANK / RBC OFFSHORE FUND MANAGERS / RBC INVESTOR SERVICES TRUST ASSETS
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu
Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).