The Commission for the Protection of Competition (hereinafter the “Commission”) at its meeting held on 02/02/2024, approved by majority voting the proposed concentration regarding the acquisition of part of the share capital of Hellenic Bank Public Company Limited (hereinafter “Hellenic Bank”) by Eurobank S.A. (hereinafter “Eurobank”).
The concentration was notified to the Service of the Commission (hereinafter the “Service”) on 14/09/2023.
The Commission, at its meeting held on 30/10/2023, found that the aforementioned concentration fell under the scope of the Control of Concentrations between Undertakings Law of 2014, Law no. 83(Ι)/2014 (hereinafter the “Law”) and decided to proceed with an in-depth (Phase II) investigation to assess the proposed merger, as doubts were raised in respect to its compatibility with the functioning of competition in the market.
At the launch of the in-depth investigation, the Commission issued a Press Release that was posted on its official website, summarizing its preliminary competition concerns.
During the in-depth investigation, the Service gathered extensive information and feedback from the parties to the concentration, as well as from relevant bodies and competitors, and on 16/01/2024 submitted a report on its findings to the Commission, in accordance with section 27 of the Law.
The Commission, at its meeting held on 02/02/2024, assessed the Report of Findings of the Service and reached a decision, by majority vote, to the effect that its doubts expressed during Phase I, in respect to the compatibility of the proposed merger with competition in the market, had been lifted.
The Commission, therefore, acting within the framework of section 28(1)(a) of the Law, concluded that the transaction no longer raised competition concerns and, acting by majority vote, decided not to oppose it, declaring the proposed merger compatible with the functioning of competition in the market.
The full text of the Commission’s decision will be published in the official Gazette of the Republic and posted on its website in due course.
THE COMMISSION FOR THE PROTECTION OF COMPETITION
06/02/2024
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