Decision Nº M/07/045 from Competition and Consumer Protection Commission, 2007-09-18

Decision NumberM/07/045
PartiesCACEIS Fastnet AA,Olympia Capital (Bermuda) Limited,Winchester Global Trust Company Limited,Olympia Capital (Ireland) Limited,Brooke Securities Holding Inc.,Olympia Capital Financial Services, Inc.
StatusCleared (Phase 1)
Merger Notification No. M/07/045 - CACEIS/ Olympia Capital/ Winchester/ Brooke
DETERMINATION OF MERGER NOTIFICATION M/07/045 –
CACEIS/ Olympia Capital/ Winchester/ Brooke
Section 21 of the Competition Act 2002
Proposed acquisition by CACEIS Fastnet Alternativ e Administration
SAS of Olympia Capital Financial Services Inc., Olympia Capital
(Bermuda) Limited, Winchester Gl obal Trust Company Limited, Brooke
Securities Holdings Inc. and Olympi a Capital (Ireland) Limited.
Dated 18/09/2007
Introduction
1. On 20 August 2007 the Competition Authority (“the Authority”), in
accordance with Section 18(1) of the Competition Act, 2002 (“the Act”)
was notified, on a mandatory basis, of a proposed acquisition by
CACEIS Fastnet Alternative Adm inistration SAS (“ CACEIS Fastnet AA“)
of Olympia Capital F inancial Services Inc. (“OCFS“), Olympia Capital
(Bermuda) Limited (“OC Bermuda“), Winchester Globa l Trust Company
Limited (“Winchester International“)
1
, Brooke Securities Holdings Inc.
(“Brooke“) and Olympia Capital (Ireland) Limit ed (“OC Ireland “).
2. As a result of the propos ed transaction CACEIS Fastnet AA will acqu ire
the entire share capital of OCFS, OC Bermuda, Winchester
International, Brooke and OC Ireland and their res pective subsidiaries.
The Undertakings Involved
The Acquirer
3. The acquirer, CACEIS Fastnet AA is a subsid iary of CACEIS. [.].
4. CACEIS is a full function joint venture under the joint control of Credit
Agricole SA (“CASA”) and NATIXIS SA (“Natixis”).
2
CACEIS offers
custody and depositary, fund administration and corporate trust
services mainly in France and Luxembourg, with a small amou nt of
activity in Switzerland, the Netherlands, Belgium and Ireland. I n
Ireland, CACEIS prov ides both custody and fund administration
services, r espectively through a local b ranch of CACEIS Bank
Luxembourg and its subsidiary Fastnet Ireland .
5. CACEIS’ affiliates, Credit Agricole SA and NATIXIS SA, are universal
banks present in all banking and insurance ac tivities.
6. CASA is the central b ody of the Group Crédit Agricole (“GCA”). G CA is
active in French retail banking; international ba nking; specialised
financial se rvices; asset management, insura nce and private banking;
1
The notification is made by Winch ester Global Trust Company Limited ( “Winchester Global”)
whose assets and business will be contributed to a newly created company, Wi nchester
International Trust Company (“Winchester International”) prior to closing.
2
Each of which holds 50 per cent of its shares. Each appoint half of the members of the
supervisory board of CACEIS and have cross-veto rights with regard to the main strategic
decisions relating to the company.

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