CELEX: 32019M9497
Language: en
Date: 2019-10-25 00:00:00
Title: Commission Decision of 25/10/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9497 - CREDIT AGRICOLE / ABANCA / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 25.10.2019
                                                                C(2019) 7853 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9497 - CREDIT AGRICOLE / ABANCA / JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 3 October 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Crédit
        Agricole Assurances S.A. (France), controlled by Crédit Agricole S.A. (“Crédit
        Agricole”, France) and Abanca Division Inmobiliaria S.A. (“Abanca Division
        Inmobiliaria”, Spain), controlled by Abanca Corporación Bancaria S.A. (“Abanca”,
        Spain) acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger
        Regulation joint control of the whole of Abanca Generales Seguros y Reaseguros S.A.
        (“AGSR”, Spain), currently solely controlled by Abanca Division Inmobiliaria by way
        of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             Crédit Agricole is active in the banking, insurance and real estate sectors;
             Abanca is active in the retail banking, consumer finance, asset management, and
              insurances sectors, primarily in Spain;
             AGSR will offer non-life insurance products in Spain and Portugal.
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 (‘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 342, 10.10.2019, p. 33.
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.
 ---pagebreak---    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 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)
                                                  Cecilio MADERO VILLAREJO
                                                  Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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