CELEX: 32018M9071
Language: en
Date: 2018-11-21 00:00:00
Title: Commission Decision of 21/11/2018 declaring a concentration to be compatible with the common market (Case No COMP/M.9071 - Banca General S.p.a. / Saxo Bank A/S / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 21.11.2018
                                                                C(2018) 7990 final
                                                                       PUBLIC VERSION
                                                                   To the notifying parties:
Subject:        Case M.9071 • BANCA GENERALI / SAXO BANK / JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 25 October 2018, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Banca Generali
        S.p.A. ("Banca Generali", Italy), controlled by Assicurazioni Generali S.p.A.
        ("Assicurazioni Generali", Italy) and Saxo Bank A/S ("Saxo Bank", Denmark), controlled
        by Zhejiang Geely Holding Group Co., Ltd ("Zhejiang Geely Holding Group", China)
        acquire, within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation, joint
        control over BG SAXO SIM S.p.A., a newly created entity ("NewCo", Italy).3
2.      The business activities of the undertakings concerned are:
              Banca Generali offers a wide range of products and services in the banking,
                 financial and insurance sectors;
              Saxo Bank is an online investment bank specializing in online trading and
                 investment services;
              NewCo is an online platform for online trading in Italy.
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)
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 400, 06.11.2018, p. 16.
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---    and 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)
                                                   Johannes LAITENBERGER
                                                   Director-General
4  OJ C 366, 14.12.2013, p. 5.
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