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

• Jurisdiction: Ireland
• Parties: Bank of Bermuda,HSBC Holdings
• Date: 12 January 2004
• Decision Date: 12 January 2004
• Status: Cleared (Phase 1)
• Court: Competition and Consumer Protection Commission (Ireland)
• Decision Number: M/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.

Introduction

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.

Analysis

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.

Determination

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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