CELEX: 32018M9166
Language: en
Date: 2018-12-07 00:00:00
Title: Commission Decision of 07/12/2018 declaring a concentration to be compatible with the common market (Case No COMP/M.9166 - Santander Consumer Bank AG / Hyundai Capital Services, INC.) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 07.12.2018
                                                                C (2018) 8653 final
                                                                       PUBLIC VERSION
                                                                To the notifying parties:
Subject:         Case M.9166 - SANTANDER GROUP / HYUNDAI MOTOR COMPANY
                 GROUP / JV
                 Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
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                 No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 14 November 2018, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertakings
        Santander Consumer Bank AG ("SCB", Spain), solely controlled by Santander Banco
        Santander, S.A. ("Santander", Spain) and Hyundai Capital Services Inc. ("HCS", South
        Korea), solely controlled by Hyundai Motor Company ("HCM", South Korea) acquire,
        within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation, joint control
        over the whole of newly created joint venture (the "JV") by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             Santander is active in retail banking, asset management, corporate and investment
              banking, treasury and insurance. Santander operates across Europe, as well as in the
              United States, Latin America, and Asia;
             HCM is a manufacturer of motor vehicles. HCM also offers financial services through
              its subsidiary HCS;
             the JV will offer automotive financing services related to Hyundai and Kia-branded
              motor vehicles in Europe, as well as related services, such as insurance.
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 423, 23.11.2018, p. 23.
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--- 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 6 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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