CCPC to carry out a Phase 2 investigation of proposed joint venture between AIB; BOI; PTSB and KBC

December 8, 2021

The Competition and Consumer Protection Commission (CCPC) has decided to carry out a full Phase 2 investigation into the proposed transaction whereby a joint venture of Allied Irish Banks PLC; the Governor and Company of the Bank of Ireland; Permanent TSB PLC and KBC Bank Ireland PLC will be created for the purpose of implementing a new industry-wide mobile payment system service, named Synch Payments DAC.

Following an extended preliminary investigation, the CCPC has determined that a full investigation is required in order to establish if the proposed transaction could lead to a substantial lessening of competition in the State. The CCPC will publish its Phase 1 determination no later than 60 working days after the date of the determination and after allowing the parties the opportunity to request that confidential information be removed from the published version.

The CCPC received a number of third-party submissions during the Phase 1 investigation. Any parties who would like to send in submissions are invited to do so, via email to, by 4.30pm Wednesday 5 January 2022.

 Information about the merger notification can be found here.

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