M/18/030 – Avantcard/Tesco Bank
Transaction details
The proposed acquisition by Avantcard Designated Activity Company of sole control of certain assets of Tesco Personal Finance PLC (T/A Tesco Bank) has been cleared by the Competition and Consumer Protection Commission.
| Notification date | Decision date |
|---|---|
| Monday April 16, 2018 | Wednesday, May 2, 2018 |
| Parties Involved | Business activities |
|---|---|
| Avantcard Designated Activity Company | Avantcard Designated Activity Company is a specialist consumer finance business, providing credit cards and personal loans to customers in the State. Avantcard Designated Activity Company is owned by EVO Banco SAU, which in turn is ultimately owned and controlled by investment funds managed by affiliates of Apollo Management L.P. |
| Tesco Personal Finance PLC | Tesco Personal Finance PLC (T/A Tesco Bank) provides financial services and products (including mortgages) to private and business customers in the United Kingdom. The target assets comprise a portfolio of performing credit card receivables and the contracts and goodwill that go with them arising from the credit card business of Tesco Personal Finance PLC (T/A Tesco Bank) in the State. |
| Economic sector | Media merger |
|---|---|
| Issuing of Credit Cards | No |
| Submissions from third parties due by: | |
|---|---|
| Phase 1 | Phase 2 |
| Monday, April 30, 2018 | |
| Current status: Completed |
|---|
| Cleared (Phase 1) |
| Authorised Officer Assigned | Contact Details |
|---|---|
| Barry O'Donnell | Email: barryodonnell@ccpc.ie |
Media enquiries: communications@ccpc.ie
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Competition and Consumer Protection Commission
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