CELEX: 32021M10095
Language: en
Date: 2021-02-04 00:00:00
Title: Commission Decision of 04/02/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10095 - CRÉDIT AGRICOLE ITALIA / CREDITO VALTELLINESE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 4.2.2021
                                                                C(2021) 855 final
                                                                                 PUBLIC VERSION
                                                                To the notifying party
Subject:        Case M.10095 – CRÉDIT AGRICOLE ITALIA / CREDITO
                VALTELLINESE
                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 12 January 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Crédit
        Agricole Italia S.p.A. (‘CAI’, Italy), belonging to the Crédit Agricole Group (France),
        acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of the
        whole of Banca Piccolo Credito Valtellinese S.p.A (‘CreVal’, Italy) by way of public
        bid announced on 23 November 2020. 3
2.      The business activities of the undertakings concerned are:
        −     for CAI: banking and insurance services in Italy,
        −     for the Crédit Agricole Group: a wide range of banking and financial services
              offered in all sectors of retail banking and related financial activities such as
              insurance, asset management, leasing, factoring, investment banking and
              consumer credit,
        −     for CreVal: retail banking sector 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
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 20, 19.1.2021, p. 10.
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---    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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