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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 07/12/2005

In electronic form on the EUR-Lex website under document number 32005M3871

Office for Official Publications of the European Communities L-2985 Luxembourg

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 07.12.2005

SG-Greffe(2005) D/206659

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

PUBLIC VERSION

To the notifying parties

Dear Madam, Dear Sir,

1.On 04.11.2005, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (ìthe Merger Regulationî) by which the undertakings Dexia-Banque Internationale ‡ Luxembourg (ìDexiaî, Luxembourg) belonging to the Dexia group and Royal Bank of Canada (ìRBCî, Canada) acquire within the meaning of Article 3(1)(b) of the Council Regulation joint control of RBC Dexia Investor Services, a newly created company constituting a joint venture, by way of purchase of shares.

1OJ L 24, 29.1.2004 p. 1

Commission europÈenne, B-1049 Bruxelles / Europese Commissie, B-1049 Brussel - Belgium. Telephone: (32-2) 299 11 11.

2.The business activities of the undertakings concerned are:

-- for Dexia: financial services, including banking, insurance and asset management.

-- for RBC : financial services, including retail and commercial banking, investment banking and trading, insurance, wealth management and asset management.

-- for RBC Dexia Investor Services: custody, fund administration and related services.

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

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 (EC) No. 139/2004.

For the Commission signed Neelie KROES Member of the Commission

2OJ C 56, 05.3.2005 p.32

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