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European Commission Spokesman's Briefing for 05-01-03

Midday Express: News from the EU Commission Spokesman's Briefings Directory - Previous Article - Next Article

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/

    Midday Express: News from the EU Commission Spokesman's Briefings Directory - Previous Article - Next Article
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