Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

The Proposed Transaction involves (i) the acquisition by Allianz Popular Vida, Compañía de Seguros y Reaseguros, S.A. (“AP Vida”) from Banco Popular Español, S.A. (“BPE” and together with its subsidiaries “BPE Group”) of the life risk insurance business (“Life Risk Business”) of Pastor Vida, S.A. de Seguros y Reaseguros (“Pastor Vida”) on the one hand; and (ii) the acquisition by Allianz Popular Pensiones, E.G.F.P., S.A. (“AP Pensiones”) from BPE of Pastor Vida´s pension fund business, including the management of pension funds (the “Pension Funds Business”, collectively with the Life Risk Business, the “Acquired Business”) on the other hand. AP Vida and AP Pensiones are ultimately under joint control by Allianz SE (“Allianz”) and BPE by means of their joint venture AP.

The main business activities of the undertakings to the concentration are:

-„ for Allianz: insurance and asset management;

-„ for BPE Group: banking, insurance and asset management;

-„ for the Acquired Business: life insurance (including pension funds).

The Parties have requested treatment of the Proposed Transaction under the Commission Notice on a simplified procedure for treatment of certain transactions.