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Case No COMP/M.7415 - VÄRDE / BANCO POPULAR / E-COM

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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 10/12/2014

In electronic form on the EUR-Lex website under document number 32014M7415

Office for Publications of the European Union L-2985 Luxembourg

EUROPEAN COMMISSION

Brussels, 10.12.2014 C(2014)9748 final

PUBLIC VERSION

SIMPLIFIED MERGER PROCEDURE

To the notifying parties:

Dear Madam(s) and/or Sir(s),

1.On 14 November 2014, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Värde Partners, Inc. ("Värde", United States) and Banco Popular Español, S.A ("Banco Popular", Spain) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control over 2Bancopopular-E, S.A ("E-Com", Spain), by way of purchase of shares.

The business activities of the undertakings concerned are:

-- Värde: a global investment firm, which focuses on credit and event driven strategies with a global investor base including foundations and endowments, pension plans, insurance companies and other institutional investors.

-- Banco Popular: a Spanish listed firm which specializes in retail and commercial banking.

-- E-Com: a provider of services related to the issuing of payment cards and retail banking activities in Spain.

1OJ L 24, 29.1.2004, p. 1 ("the Merger Regulation"). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ("TFEU") has introduced certain changes, such as the replacement of "Community" by "Union" and "common market" by "internal market". The terminology of the TFEU will be used throughout this decision.

2Publication in the Official Journal of the European Union No C 420, 22.11.2014, p. 21.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

3.After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.

For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation

For the Commission

(signed) Alexander ITALIANER Director-General

3OJ C 366, 14.12.2013, p. 5.

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