CELEX: 32022M10531
Language: en
Date: 2022-04-04 00:00:00
Title: Commission Decision of 04/04/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10531 - SANTANDER / MAPFRE / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 4.4.2022
                                                                C(2022) 2244 final
                                                                                 PUBLIC VERSION
                                                                Banco Santander, S.A.
                                                                11 Juan Ignacio Luca de Tena, Suances
                                                                Building
                                                                28027 Madrid
                                                                Spain
                                                                Mapfre, S.A.
                                                                52 Ctra. Pozuelo, Building 1,
                                                                28222 Majadahonda (Madrid)
                                                                Spain
Subject:        Case M.10531 – SANTANDER / MAPFRE / 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 11 March 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Banco
        Santander, S.A. and its subsidiaries (“Banco Santander”, Spain), and Mapfre, S.A
        (“Mapfre”, Spain), will acquire within the meaning of Article 3(1)(b) and 3(4) of the
        Merger Regulation joint control of a newly created joint venture (“JV”) by way of
        purchase of shares.3
2.      The business activities of the undertakings concerned and the newly set-up joint
        venture are the following:
        −     Banco Santander is the parent of the Santander Group. Its core activities are retail
              banking, insurance, corporate banking, investment banking, asset management
              and treasury across Europe, as well as in the United States, Latin America and
              Asia,
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 134, 25.03.2022, p. 31.
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---    −   Mapfre is the parent company of the Mapfre Group, present in the insurance and
       reinsurance sectors in 44 countries across the world,
   −   The JV is intended to be active in the Spanish market for retail banking services,
       particularly, in the commercialisation of reverse mortgages to individuals.
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(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.
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