Commission Decision of 30/03/2007 declaring a concentration to be compatible with the common market (Case No IV/M.4592 - CITIBANK / EGG BANK) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic) Brussels, 30.03.2007 SG-Greffe(2007) D/201987 To the notifying party Dear Madam(s) and/or Sir(s), Subject: Case No. COMP/M.4592 – Citibank/Egg Bank Notification of 23/02/2007 pursuant to Article 4 of Council Regulation (EC) No. 139/2004 [1] Publication in the Official Journal of the European Communities No. C 62, 16.3.2007, p. 9. 1. On February 23, 2007, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which the undertaking Citibank Overseas Investment Corporation ("COIC", USA), a subsidiary of Citigroup Inc.
("Citigroup", USA), acquire(s) within the meaning of Article 3(1)(b) of the Council Regulation control of the whole of the undertaking Egg Banking plc ("Egg", UK) by way of purchase of shares. 2. The business activities of the undertakings concerned are: - for the undertaking COIC: banking and financial services, - for the undertaking Egg: online banking and financial services. 3. After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EC) No. 139/2004 and of paragraph 5, subparagraph c, of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 [2].
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 (EC) No. 139/2004. For the Commission, signed, Philip LOWE Director General [1] OJ L 24, 29.1.2004 p. 1. [2] OJ C 56, 05.3.2005 p.32. --------------------------------------------------