CELEX: 32020M9780
Language: en
Date: 2020-05-15 00:00:00
Title: Commission Decision of 15/05/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9780 - BNP PARIBAS / BANK OF BARODA / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 15.05.2020
                                                                C(2020) 3324 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9780 — BNP Paribas/Bank of Baroda/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 14 April 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings BNP Paribas Asset Management Asia ("BNPP AM Asia", Hong-Kong),
        belonging to the group BNP Paribas ("BNPP", France), and Bank of Baroda ("BOB",
        India) acquire within the meaning of Article 3(1)(b) and Article 3(4) of the Merger
        Regulation joint control of the whole of a joint-venture consisting of BNP Paribas
        Asset Management India Private Limited ("BNPP AMC", India) and Baroda Trustee
        India Private Limited ("BOB TC", India) (together the "JV", India). The concentration
        is accomplished by way of contract or any other means.3
2.      The business activities of the undertakings concerned are:
              BNPP: banking group listed on Euronext Paris and headquartered in Paris,
                 active in a large number of countries. It has three core banking business: retail
                 banking, corporate and investment banking as well as asset management
                 services; BNPP is active in India through its subsidiary BNPP AM Asia,
              BOB: state-owned bank, mainly active in India where it offers a variety of
                 banking services for individuals, medium, small and micro enterprises and
                 corporates,
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 131, 22.04.2020, p. 17.
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---            BNP Paribas Asset Management India Private Limited ("BNPP AMC", India):
               asset management company setting up and managing mutual funds, as well as
               providing portfolio management services in India,
           Baroda Trustee India Private Limited ("BOB TC", India) : dedicated trustee
               company for the mutual funds managed by BNPP AMC . 4
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) of the Commission Notice on a simplified procedure for treatment of
      certain concentrations under Council Regulation (EC) No 139/2004.5
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  Under Indian law, the Securities and Exchange Board of India (Mutual Funds) Regulations of December
   9, 1996 (last amended on December 1, 2015), each Asset Management Company requires a dedicated
   Trustee Company, which reviews the activities carried out by the Asset Management Company and
   ensures that the transactions entered into by the Asset Management Company are conducted in accordance
   with the applicable regulations and in the best interest of investors.
5     OJ C 366, 14.12.2013, p. 5.
                                                           2