Prior notification of a concentration (Case M.11174 – GCA / BPMA / VA / VP) – Candidate case for simplified procedure
Date: 2023-11-13
Institutions: Directorate-General for Competition, European Commission
Subjects: Italy, banking, economic concentration, financial services, insurance, merger control, provision of services








C_202300903EN.000101.fmx.xml












Official Journal of the European Union


EN
Series C













C/2023/903


13.11.2023






Prior notification of a concentration
(Case M.11174 – GCA / BPMA / VA / VP)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2023/903)


1.   
On 3 November 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:






—


Groupe Crédit Agricole (‘GCA’, France), controlled by Crédit Agricole S.A.,










—


Banco BPM Group (‘BBPM Group’, Italy), controlled by Banco BPM S.p.A. (‘BBPM’, Italy),










—


BBPM Assicurazioni S.p.A. (‘BPMA’, Italy), controlled by BBPM,










—


Vera Assicurazioni S.p.A. (‘VA’, Italy), controlled by Assicurazioni Generali S.p.A. but, immediately before the concentration, it will be controlled by BBPM,










—


Vera Protezione S.p.A. (‘VP’, Italy), controlled by VA.




GCA and BBPM will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of BPMA, VA, and VP.
The concentration is accomplished by way of purchase of shares.


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






—


GCA: Group active in the banking and financial sector, offering a wide range of insurance products to both individual and corporate clients,










—


BBPM Group: Multifunctional integrated banking group, active in all areas of credit and financial intermediation with a focus on the retail sector,










—


BPMA and VA: Insurance companies active exclusively in Italy and providing non-life insurance products, and










—


VP: Insurance company exclusively active in Italy and providing life insurance products related to human life.






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.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


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.11174 – GCA / BPMA / VA / VP
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’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2023/903/oj
ISSN 1977-091X (electronic edition)