Commission Decision of 02/05/2002 declaring a concentration to be compatible with the common market (Case No IV/M.2743 - ING GROEP / PIRAEUS BANK) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic) Official Journal 112 , 09/05/2002 P. 0006 - 0006 Commission Decision of 02/05/2002 declaring a concentration to be compatible with the common market (Case No IV/M.2743 - ING GROEP / PIRAEUS BANK) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic) Brussels, 02/05/2002 SG (2002) D/229640/229639 To the notifying parties Dear Sirs, Subject:
Case No. COMP/M.2743 - ING Groep/Piraeus Bank Notification of 26.3.2002 pursuant to Article 4 of Council Regulation (EEC) No. 4064/89 [1] Publication in the Official Journal of the European Communities No. C 85 of 9.4.2002, p. 31 [1] OJ L 395, 30.12.1989 p. 1; corrected version OJ L 257 of 21.9.1990, p. 13, as last amended by Regulation (EC) No 1310/97, OJ L 180, 9.7.1997, p. 1, corrigendum in OJ L 40, 13.2.1998, p. 17. 1. On 26 March 2002, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EEC) No. 4064/89 by which the undertakings ING Continental Europe Holdings B.V.
(The Netherlands) belonging to the ING Group ("ING") and Piraeus Bank S.A. (Greece) belonging to Piraeus Bank Group ("Piraeus Bank") acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of the undertakings Piraeus AEE Life (Greece) and Piraeus Asset Management Company (Greece) by purchase of shares. 2. The business activities of the undertakings concerned are : - for ING : banking, insurance and asset management - for Piraeus : banking, insurance and asset management - for Piraeus AEE Life : life, health, pension insurance products and employee benefits - for Piraeus Asset Management Company : asset management services.
3. After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EEC) No. 4064/89 and of paragraph 4, subparagraph c of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EEC) No 4064/89 [2]. [2] OJ C 217, 29.07.2000, p. 32. 4. For the reasons set out in the Notice on a simplified procedure, the Commission has decided not to oppose the notified operation and to declare it compatible with the common market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of Council Regulation (EEC) No.
4064/89. For the Commission Mario MONTI Member of the Commission (signed)