32002M2984

Commission Decision of 28/10/2002 declaring a concentration to be compatible with the common market (Case No IV/M.2984 - SOFINCO / COMMERCIAL BANK OF GREECE / JV) according to Council Regulation (EEC) No 4064/89 (Only the English text is authentic)

To the notifying parties

Dear Sir(s),

Subject: Case No. COMP/M.2984 - SOFINCO/Commercial Bank of Greece/JV Notification of 26.09.2002 pursuant to Article 4 of Council Regulation (EEC) No. 4064/89 [1] Publication in the Official Journal of the European Communities No. C N° 238 of 03.10.2002, p. 15.

[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 26/09/2002, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EEC) No 4064/89 by which the French undertaking SOFINCO S.A. belonging to the Credit Agricole Group and the Greek undertaking Commercial Bank of Greece S.A. belonging to the Commercial Bank Group acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of the Greek undertaking Emporiki Credicom Bank S.A. by way of purchase of shares in a newly created company constituting a joint venture.

2. The business activities of the undertakings concerned are :

- for SOFINCO S.A.: consumer financing in France (and other countries)

- for Credit Agricole Group: banking services and products

- for Commercial Bank of Greece S.A.: banking services and products in Greece (and other countries)

- for Commercial Bank Group: banking services and products

- for Emporiki Credicom Bank S.A.: consumer financing in Greece.

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 (b) 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

Signed, Mario MONTI Member of the Commission