Decision Nº M/03/038 from Competition and Consumer Protection Commission, 2004-01-12

PartiesBank of Bermuda,HSBC Holdings
Date12 January 2004
Decision Date12 January 2004
StatusCleared (Phase 1)
CourtCompetition and Consumer Protection Commission (Ireland)
Decision NumberM/03/038
Determination of the Competition Authority
Determination No. M/03/038 of the Competition Authority, dated January 12,
2004, under Section 21 of the Competition Act, 2002
Notification No. M/03/038 – Acquisition of The Bank of Bermuda by HSBC
Holdings plc.
1. On December 12, 2003, the Competition Authority, in accordance with Section
18 (1) of the Competition Act, 2002 (“the Act”) was notified, on a mandatory
basis of a proposal whereby HSBC Holdings plc would acquire the Bank of
Bermuda Ltd.
The Parties
2. HSBC Holdings plc is a large company, with operations worldwide, which
provides a wide range of financial and banking services and products.
3. The Bank of Bermuda Ltd, a limited company based in Bermuda, provides a
variety of financial and banking services to customers, predominantly to private
clients in the area of investment management and advice.
4. The main areas of overlap within the State occur in the provision of investment
fund administration and services. There are many other strong competitors
providing such services within the Irish market. The market share of the
combined entity will not exceed 4% of the total quantity of investment fund
services in the State, regardless of whether such funds are defined as relating to
domiciled or non-domiciled investment schemes. Accordingly, the transaction
raises no significant competition concerns.
The Competition Authority, in accordance with Section 21(2) of the Competition Act,
2002, has determined that, in its opinion, the result of the proposed acquisition will
not be to substantially lessen competition in markets for goods and services in the
State and, accordingly, that the acquisition may be put into effect.
For the Competition Authority

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