Decision Nº M/06/074 from Competition and Consumer Protection Commission, 2006-11-17

• Jurisdiction: Ireland
• Parties: Tilney Group Limited,Deutsche Bank AG
• Date: 17 November 2006
• Decision Number: M/06/074
• Status: Cleared (Phase 1)
• Court: Competition and Consumer Protection Commission (Ireland)
• Decision Date: 17 November 2006

Merger Notification M/06/074 – Deutsche Bank/ Tilney

DETERMINATION OF MERGER NOTIFICATION M/06/074 –

DEUTSCHE BANK/TILNEY

Section 21 of the Competition Act 2002

Proposed acquisition by Deutsche Ban k AG of Tilney Group Limited

DATED 17/11/06

Introduction

1. On 27 October 2 006, the Competition Authority (“the Authority”), in

accordance with Sect ion 18 (1) of the Competition Act, 2002 (“ the Act”)

was notified, on a mandatory basis, of a proposal whereby Deutsc he Bank

AG (“DB”) would acquire t he entire issued s hare capital of T ilney Group

Limited (“Tilney”) (“the proposed acquisition” ).

The Undertakings Involved

2. DB, the acquire r, is a German joint stock company active g lobally in a

variety of banking and financial services.

3. In the State, DB offers the following types of f inancial services:

• corporate services – administration of Irish-based special purpose

companies on behalf of international compan ies;

• asset m anagement services – operat ion of Irish-domiciled a nd/or

registered funds;

• private wealth management services – through an agreement with Key

Capital, a Dublin-based firm specialising in corporate finance, capital

markets and private wealth manag ement, to develop a private wealth

management business; and,

• customer service facility – operation of customer service facility

serving customers of DB in Europe, M iddle East and Asia through which

customers maintain accounts i n the United States and European offices

of DB.

4. DB is listed on all German Stock Exchanges and on the New York Stock

Exchange. For the year ended 31 Decemb er 2005, DB’s t urnover in the

State was €[…] million of which €[…]

1

was attributable to t he provision of

asset management services to Irish-based c lients.

5. Tilney, the target, is a United Kingdom-based independent wealth

manager. It offers wealth management services to a broad base of United

Kingdom and international private clients, i ndependent fina ncial advi sers

and institutions. The target special ises in manag ing core invest ment

1

Of which €[…] was attributable to the provision of asset management services to private individuals

or ‘private wealth management’.