CELEX: 32016M8077
Language: en
Date: 2016-07-11 00:00:00
Title: Commission Decision of 11/07/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.8077 - BANCOPOPULAR-E / BANCO POPULAR PORTUGAL) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 11.7.2016
                                        C(2016) 4566

                                        [pic]

                                        To the notyfing parties:

Dear Sirs,

Subject:    Case M. 8077 –BANCOPOPULAR –E / BANCO POPULAR PORTUGAL
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 16 June 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by
    the undertaking Bancopopular- E S.A ("E-Com", Spain), a joint venture controlled by Banco Popular Español S.A. ("Banco Popular", Spain)  and
    certain private affiliated funds managed by Värde Partners Inc. ("Värde", USA), acquires, within the  meaning  of  Article  3(1)(b)  of  the
    Merger Regulation, sole control over the payment cards' business  (the "Assets") of Banco  Popular  Portugal,  S.A.  ("BPOP",  Portugal),  a
    wholly-owned subsidiary of Banco Popular.[3]

 2. The business activities of the undertakings concerned are:

        – E-Com provides services related to the issuing of payment cards and, to a lesser extent, to insurance distribution within the  Spanish
          market.

        – Banco Popular specializes in retail and commercial banking.  It is also active in the issuing of payment cards in Portugal, and  to  a
          lesser extent, in the provision of insurance services and in the distribution of insurance services in Spain and Portugal.

        – Värde is a global investment firm, specializing in alternative investments and with expertise  in  partnering  with  global  financial
          institutions. Its activities are focused primarily in the United States, Europe and Asia.

        – The Assets comprise the payment card issuing business of BPOP in 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 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)
                                        Johannes LAITENBERGER
                                        Director-General

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[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 231, 25.06.2016, p. 22.
[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE