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REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 19/11/2004

In electronic form on the EUR-Lex website under document number 32004M3574

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

COMMISSION OF THE EUROPEAN COMMUNITIES

Directorate D ñ Financial Services

Brussels, 19.11.2004

SG-Greffe(2004) D/205319/20

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

PUBLIC VERSION

To the notifying parties via the legal representative

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

1.On 18,10,2004, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No. 139/2004 by which the undertaking Rabobank International Holding BV (ìRabobankî) and the State Treasury of the Republic of Poland (ìState Treasuryî) jointly acquire control over a Polish-based Bank Gospodarki Żywnościowej S.A. (ìBGZî) within the meaning of Article 3(1)(b) of the Council Regulation, by way of purchase of shares.

The business activities of the undertakings concerned are:

BGZ is a Polish commercial bank specialising in the financing of agriculture and food economy, regional infrastructure, small and medium enterprises as well as individuals. BGZ is active only in Poland, mainly in small towns and villages in the countryside.

Rabobank is a company belonging to the Rabobank Group. The Rabobank Group is a Dutch co-operative bank and credit institution, active in the financial services sector. Its

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.

core activities are financial, insurance, and asset management. More specifically, it is active in retail and corporate banking, financial services and the provision of mortgages.

The Treasury controls six banks. Apart from BGZ, it directly controls Bank Gospodarstwa Krajowego (ìBGKî) and Powszechna Kasa Oszczędności Bank Polski S.A. (ìPKO BPî). In addition, it indirectly controls the following banks: Bank Ochrony Środowiska S.A. (ìBOŚî), Bank Inicjatyw Społeczno-Ekonomicznych S.A. (ìBISEî) and Bank Pocztowy S.A. (ìBPî).

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 b, 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 Mario MONTI Member of the Commission

2Available on DG COMP website: http://europa.eu.int/comm/competition/mergers/legislation/consultation/simplified_tru.pdf.

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