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European Commission Spokesman's Briefing for 05-01-03
From: EUROPA, the European Commission Server at <http://europa.eu.int>
CONTENTS / CONTENU
[01] Commission clears acquisition of Hanseatic Bank by Société
Générale and Otto
Midday Express of 2005-01-03
Reference: MEX/05/0103
Date: 03/01/2005
EXME05 / 3.1
MIDDAY EXPRESS
News from the Press and Communication Directorate General's midday briefing
Nouvelles du rendez-vous de midi de la Direction Général Presse etb
Communication
03/01/05
[01] Commission clears acquisition of Hanseatic Bank by Société
Générale and Otto
The European Commission has granted clearance under the EU Merger
Regulation to the acquisition of joint control of Hanseatic Bank, Germany
by French bank Société Générale (SG) and Otto GmbH & Co KG of Germany.
SG is a universal bank primarily active in Europe. Its business focus is in
France in the areas of retail banking, financial services and asset
management, as well as corporate and investment banking. In Germany, SG is
active in the areas of corporate and investment banking, asset based and
vendor finance, asset management for retail and corporate customers, car
rental and fleet management, car financing, electronic money/e-trading and
IT operational leasing and, to a very limited extent, consumer credit.
Otto's main business is the retailing of non-food products by mail order.
It also conducts business in information and telecommunication products,
package holidays and transport logistics. Hanseatic Bank is a German bank
which is only active in Germany, mainly in the area of consumer credit,
residential real estate financing and factoring of receivables. Currently,
Hanseatic Bank is solely controlled by Otto. The operation was examined
under the simplified merger review procedure.
From EUROPA, the European Commission Server at http://europa.eu.int/
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