CELEX: 32022M10571
Language: en
Date: 2022-05-11 00:00:00
Title: Commission Decision of 11/05/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10571 - HSBC SINGAPORE / TEMASEK / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 11.05.2022
                                                                 C(2022) 3193 final
                                                                                 PUBLIC VERSION
                                                                 HSBC Bank (Singapore) Limited
                                                                 10 Marina Boulevard
                                                                 #48-01
                                                                 Marina Bay Financial Centre
                                                                 Singapore 018983
                                                                 Kovan Investments Pte. Ltd.
                                                                 60B Orchard Road
                                                                 #06-18 Tower 2
                                                                 The Atrium@Orchard
                                                                 Singapore 238891
Subject:        Case M.10571 – HSBC SINGAPORE / TEMASEK / JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                Economic Area2
Dear Sir or Madam,
1.      On 11 April 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which HSBC Bank
        (Singapore) Limited (“HSBC Singapore”, Singapore), wholly owned by HSBC
        Holdings plc (“HSBC”, United Kingdom) and Kovan Investments Pte. Ltd. (“Kovan”,
        Singapore), wholly owned by Temasek Holdings (Private) Limited (“Temasek”,
        Singapore), acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger
        Regulation joint control of Sustainable Infrastructure Capital Pte. Ltd. (“Joint
        Venture”, Singapore). The concentration is accomplished by way of purchase of
        shares.3
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 167, 21.04.2022, p. 34.
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--- 2. The business activities of the undertakings concerned are the following:
       HSBC is a banking and financial services company headquartered in London,
        United Kingdom. HSBC is split into 3 primary lines of business: Wealth and
        Personal Banking (WPB); Commercial Banking (CMB) and Global Banking and
        Markets (GBM). Both CMB and GBM offer corporate banking services to
        corporate and institutional clients of varying sizes,
       Temasek is an investment company headquartered in Singapore, mainly active in
        Singapore and the rest of Asia. Temasek’s global portfolio covers a broad
        spectrum of industries: financial services; telecommunications, media and
        technology; transportation and industrials; consumer and real estate; as well as
        life sciences and agri-food,
       The Joint Venture is a greenfield full-function joint venture set up in Singapore
        which will provide debt financing for sustainable infrastructure projects in sectors
        such as renewable energy, energy storage, water and waste (wastewater and solid
        waste management) and sustainable transport in Asia, with an initial focus on
        Southeast Asia.
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 139/2004.4
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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