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 Parties to the transaction are ALLIANZ SE (hereinafter "Allianz") and Banco Popular Español, S.A. (hereinafter "Banco Popular"). Allianz is the ultimate holding company of Allianz Group, which is an international insurance and financial services provider, active in all market segments related to insurance, asset management and banking. Banco Popular is the ultimate holding company of Banco Popular Group, which is active in the commercial banking, factoring, asset management, pension funds management, securities and exchange management, leasing, and insurance sectors.

The transaction entails the acquisition of joint control of the Spanish Undertaking Popular Gestión by Allianz and Banco Popular, through a newly set up company ("SONATA") by virtue of several agreements executed by the Parties. Popular Gestión is currently an entity solely controlled by Banco Popular, which provides asset management services (management of investment funds).

By means of the transaction, the Parties wish to contribute to the enhancement of the Popular Gestión business in Spain, Banco Popular being in charge of providing the distribution network for the managed products developed by Popular Gestión.