UK:
Commission Finds No Competition Concerns in Santander Acquisition of Banco Popular
09 August 2017
Pinsent Masons
To print this article, all you need is to be registered or login on Mondaq.com.
The SRB resolution, involving the purchase of all shares and
capital instruments of the Spanish bank by Santander for €1,
was proposed in June after the European Central Bank decided that
Banco Popular was 'failing or likely to fail' in accordance
with the EU's Single Resolution Mechanism.
The resolution
was approved by the Commission in June.
However, the Commission's approval was dependent on a
further investigation into the transaction's impact on the
markets for retail and corporate banking, leasing, factoring and
the provision of ATM services in the Portuguese and Spanish
national and regional markets.
That
investigation has now found that the transaction will not raise
competition concerns as the parties' combined market shares are
generally below 25% and strong competitors will remain in all
affected markets, the Commission said.
The decision is the final step by the Commission clearing the
acquisition.
More from Out-Law.com
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances,
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
FCA's Consultation Paper
Cadwalader, Wickersham & Taft LLP
Since 3 January 2018, firms that provide portfolio management or investment advice on an independent basis must pay for the research they obtain...
Regulation Round Up
Proskauer Rose LLP
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
FCA To Permit Research Bundling
Akin Gump Strauss Hauer & Feld LLP
The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK's implementation of research rules under the Markets in Financial Instruments Directive (MiFID II).