M/21/004 – AIB/BoI/PTSB – Synch Payments JV
Transaction details
The proposed transaction whereby a joint venture between Allied Irish Banks, P.L.C.; the Governor and Company of the Bank of Ireland; Permanent TSB P.L.C. and KBC Bank Ireland P.L.C. will be created for the purpose of implementing a new industry-wide mobile payment system service, Synch Payments DAC, has been cleared by the Competition and Consumer Protection Commission, subject to legally binding commitments.
| Notification date | Decision date |
|---|---|
| Thursday April 8, 2021 | |
| Parties Involved | Business activities |
|---|---|
| Synch Payments DAC | Synch Payments DAC, a new joint venture company, will create a new industry wide open payment service in the State that can be used, subject to the joint venture licensing terms, by all financial institutions (including consortia of smaller financial institutions) that issue Euro-denominated IBANs to Irish customers. The founding shareholders of Synch Payments DAC are Allied Irish Banks P.L.C, Bank of Ireland, Permanent TSB P.L.C and KBC Bank Ireland P.L.C. |
| Allied Irish Banks P.L.C | Allied Irish Banks P.L.C. ("AIB") is a financial services group operating predominately in the State and the United Kingdom. AIB provides a range of services to personal, business and corporate customers. |
| Bank of Ireland | Bank of Ireland is a financial services group providing a broad range of banking and other financial services with offices in the State, the United Kingdom, the United States of America, Germany, France and Spain. |
| Permanent TSB P.L.C | Permanent TSB P.L.C is a financial services group with a focus on personal and small business customers. |
| Economic sector | Media merger |
|---|---|
| Financial and Insurance Services | No |
| Submissions from third parties due by: | |
|---|---|
| Phase 1 | Phase 2 |
| Thursday, April 22, 2021 | Wednesday, January 5, 2022 |
| Date of Requirement for Information | Date Information Received |
|---|---|
| Wednesday, May 19, 2021 | Friday, October 29, 2021 |
| Current status: Completed |
|---|
| Cleared (Phase 2) |
| Authorised Officer Assigned | Contact Details |
|---|---|
| Lucy Roche | Email: lucyroche@ccpc.ie |
Media enquiries: communications@ccpc.ie
Haven’t found what you’re looking for?
Competition and Consumer Protection Commission
PO Box 12585, Dublin 1, D01 C576
Tel +353 (0)1 402 5500
Consumer helpline 01 402 5555