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
Telephone: 014703696

Media enquiries: communications@ccpc.ie

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