CCPC rejects as invalid merger notification relating to a joint venture between AIB; BOI; PTSB and KBC
January 21, 2021
The Competition and Consumer Protection Commission (CCPC) has rejected the merger notification relating to a proposed joint venture between Allied Irish Banks, PLC (AIB); the Governor and Company of the Bank of Ireland (BOI); Permanent TSB PLC (PTSB) and KBC Bank Ireland PLC (KBC).
The notification was submitted to the CCPC on a voluntary basis under section 18(3) of the Competition Act 2002 as amended (the 2002 Act) on 8 January 2021 and registered with the CCPC under reference number M/21/004.
Upon receipt of a merger notification, the CCPC conducts a preliminary assessment to confirm that the transaction concerned is a ‘merger or acquisition’ within the meaning of section 16 of the 2002 Act. The CCPC also examines the merger notification to verify that ‘full details’ of the proposed merger or acquisition have been provided within the meaning of section 18(12) of the 2002 Act.
Following a preliminary review of the notification, the CCPC has formed the view that the notifying parties have not provided full details of the proposed transaction as required under section 18(3) of the 2002 Act.
As the notifying parties have failed to provide full details in the notification in relation to the nature of the proposed transaction, the CCPC has been unable to determine whether the proposed transaction is a “merger or acquisition” within the meaning of section 16 of the 2002 Act. As a result, the CCPC has also been unable to determine whether the proposed transaction should have been notified to the CCPC on a mandatory basis under section 18(1) of the 2002 Act. The CCPC has therefore rejected the notification as invalid under section 18(12) of the 2002 Act.
The CCPC has written to the notifying parties informing them of its decision and expressed its willingness to further engage with the notifying parties in relation to the issues raised in its letter. No further information or comment can be provided.Return to News