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Case No COMP/M.3237 - SAN PAOLO IMI / SANTANDER GROUP / ALLFUNDS JV

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REGULATION (EEC) No 4064/89 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 28/11/2003

Also available in the CELEX database Document No 303M3237

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

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 28/11/2003

SG (2003) D/233133/4

PUBLIC VERSION

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

To the notifying parties

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

Subject: Case No. COMP/M.3237 ñ San Paolo IMI / Santander Group / AllFunds / JV Notification of 29/10/2003 pursuant to Article 4 of Council Regulation (EEC) No. 4064/89, as last amended by Regulation (EC) No 1310/97 Publication in the Official Journal of the European Union No. C 268, 07/11/2003, page 24

1.On 29/10/2003, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EEC) No. 4064/89 by which the Italian undertaking San Paolo Wealth Management S.p.A. (SPWM) belonging to San Paolo IMI S.p.A, acquires within the meaning of Article 3(1)(b) of the Council Regulation joint control of the Spanish undertaking Allfunds Bank (Allfunds), presently controlled by Banco Banif S.A. (Banif), belonging to the Santander Group by way of purchase of shares.

The business activities of the undertakings concerned are :

-- for SPWM: asset management and insurance;

-- for BANIF: private banking and wealth management;

-- for Allfunds: distribution platform providing access to third-party fund products and added value advisory services to institutional clients.

1OJ L 395, 30.12.1989 p. 1; corrigendum: OJ L 257, 21.9.1990, p. 13.

2OJ L 180, 9. 7. 1997, p. 1; corrigendum OJ L 40, 13.2.1998, p. 17.

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

3.After examination of the notification, the Commission has concluded that the notified operation falls within the scope of Council Regulation (EEC) No. 4064/89 and of paragraph 4, subparagraphs a and c of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EEC) No 4064/89.

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 (EEC) No. 4064/89.

For the Commission

Signed by Mario MONTI Member of the Commission

3OJ C 217, 29.07.2000, p. 32.

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