CELEX: 32021M10299
Language: en
Date: 2021-07-29 00:00:00
Title: Commission Decision of 29/07/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10299 - DBS / JPMC / TEMASEK / TECHCO JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 29.7.2021
                                                               C(2021) 5815 final
                                                                               PUBLIC VERSION
                                                               DBS Finnovation Pte. Ltd.
                                                               12, Marina Boulevard,
                                                               Marina Bay Financial Centre
                                                               018982 Singapore
                                                               Singapore
                                                               JPMC Strategic Investments I
                                                               Corporation
                                                               383 Madison Avenue
                                                               New York County
                                                               NY 10179 New York
                                                               United States
                                                               Temasek Holdings Limited
                                                               60B Orchad Road, #06-18 Tower 2
                                                               The Atrium@Orchad
                                                               238891 Singapore
                                                               Singapore
Subject:        Case M.10299 – DBS / JPMC / TEMASEK / TECHCO 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 6 July 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings DBS Bank Ltd (‘DBS’, Signapore), JPMorgan Chase & Co (‘JPMC’,
        USA) and Temasek Holdings (Private) Limited (‘Temasek’, Singapore) acquire within
        the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over
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’).
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---    the whole of Techco Joint Venture (‘Techco JV’, Singapore) by way of purchase of
   shares.3
2. The business activities of the undertakings concerned are:
       for DBS: multinational banking and financial services corporation, providing
        services in consumer banking, wealth management and institutional banking,
       for JPMC: global financial services firm, providing services in investment
        banking, financial services for consumers and small businesses, commercial
        banking, financial transaction processing and asset management,
       for Temasek: investment company whose portfolio covers a broad spectrum of
        industries: financial services; telecommunications, media & technology;
        transportation & industrials; consumer & real estate; energy & resources; life
        sciences & agribusiness,
       for Techco JV: private limited company that will own and operate globally an
        electronic platform using blockchain technology to support the clearing and
        settlement of inter-bank payments.
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
3  Publication in the Official Journal of the European Union No C 282, 14.07.2021, p.5.
4  OJ C 366, 14.12.2013, p. 5.
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