EUROPEAN COMMISSION

DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 05/12/2022

In electronic form on the EUR-Lex website under document number 32022M10930

EUROPEAN COMMISSION

Brussels, 5.12.2022 C(2022) 9232 final

PUBLIC VERSION

POST Luxembourg 20, rue de Reims L-2417 Luxembourg Grand Duchy of Luxembourg

BGL BNP Paribas 50, Avenue J.F. Kennedy L-2951 Luxembourg Grand Duchy of Luxembourg

Banque et Caisse d'Epargne de l'Etat 1, place de Metz L-1930 Luxembourg Grand Duchy of Luxembourg

Banque Internationale à Luxembourg S.A 69, route d'Esch L-1470 Luxembourg Grand Duchy of Luxembourg

Banque de Luxembourg 14, Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg

1 OJ 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.

2 OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

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.

1.1. On 11 November 2022, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which POST Luxembourg (“POST”, Luxembourg), BGL BNP Paribas (“BGL”, Luxembourg), belonging to the BNP Paribas group (France), Banque et Caisse d’Epargne de l’Etat, Luxembourg (“BCEE”, Luxembourg), Banque Internationale à Luxembourg S.A. (“BIL”, Luxembourg), belonging to Legend Holdings (China), et Banque de Luxembourg (“BDL”, Luxembourg), belonging to Crédit Industriel et Commercial (France), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of i-Hub S.A. (“i-Hub”, Luxembourg), currently jointly controlled by POST and BGL by way of purchase of shares.

2. The business activities of the undertakings concerned are the following:

- For POST: a provider of postal, telecommunication, ICT and banking services in Luxembourg. POST is wholly owned by the Luxembourg State,

- for BGL: a credit institution providing a range of banking services in Luxembourg, including retail banking, international financial services and corporate and institutional banking,

- for BCEE: a credit institution providing a range of banking services in Luxembourg, including retail banking, international financial services and corporate and institutional banking. BCEE is wholly owned by the Luxembourg State,

- for BIL: a private banking group operating in retail, private and corporate banking activities, and insurance, with Luxembourg as its main geographic focus,

- for BDL: a credit institution providing a range of banking services in Luxembourg, including retail banking, international financial services and corporate and institutional banking,

- for i-Hub: a provider of compliance support services, which involve, via its repository platform, assisting undertakings conducting Know Your Customer checks in order to comply with anti-money laundering obligations.

3.3. 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(a) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.

4.4. 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 and Article 57 of the EEA Agreement.

For the Commission

(Signed) Olivier GUERSENT Director-Genera

3 Publication in the Official Journal of the European Union No C 440, 21.11.2022, p.26.

4 OJ C 366, 14.12.2013, p. 5.

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