IP/09/1288
Brussels, 8 th September 2009
Mergers: Commission approves acquisition of Monabanq by Crédit Mutuel
The European Commission has approved under the EU Merger Regulation the proposed acquisition of Monabanq, a French online bank currently controlled by 3 Suisses International, by Banque Fédérative du Crédit Mutuel S.A., also of France. After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
Monabanq is active in retail banking with an online distribution model and is particularly active in consumer credit. Crédit Mutuel is a cooperative banking group active in retail banking and insurance, mainly in France, but also in a number of other Member States. 3 Suisses is the holding company of a group specialised in on-line and mail order distribution of consumer products.
The Commission’s examination of the proposed transaction showed that the horizontal overlaps between the activities of Crédit Mutuel and Monabanq were limited, in particular due to the limited market shares of Monabanq. The Commission therefore concluded that the transaction would not raise competition concerns.
The Commission examined the operation in the context of Crédit Mutuel's earlier acquisition of Cofidis from 3 Suisses International, approved by the Commission on 24 February 2009 (see IP/09/312 ). As the earlier transaction involved the same buyer and seller, the EU Merger Regulation applied, despite Monabanq's limited turnover.
More information on the case will be available at:
http://ec.europa.eu/competition/mergers/cases/index/m112.html#m_5605
