Decision Nº M/10/042 from Competition and Consumer Protection Commission, 2010-12-23

Decision NumberM/10/042
PartiesElavon Financial Services Limited,Bank of America N.A.
StatusCleared (Phase 1)
M10/042 - Elavon / Bank of America
DETERMINATION OF MERGER NOTIFICATION M/10/042 -
Elavon/ Bank of America
Section 21 of the Competition Act 2002
Proposed acquisition by Elavon Financi al Services Limited of Certain
Businesses of Bank of America N.A.
Dated 23 December 2010
Introduction
1. On 8 December 2010, in accordance w ith section 18 of the Competition
Act 2002 (the “Act”), the Competition Authority (the “Authority”)
received a notification of a proposed transaction whereby U .S. Bank
National Association (“USB”), a nd its subsidiaries Elavon Financial
Services Limited (“Elavon”), and U.S. Bank Trust National Association
(“USB Trust”) would acquire cert ain businesses (collectively, the
“Target Business ”) from Bank of America, N.A. (“BANA”) and its
subsidiaries Bank of America (GSS) Limited, and Bank of America
National Trust Delaware.
The Undertakings Involved
The Acquirer
2. The acquiring parties are USB, Elavon and USB Trust. Both USB Trust
1
and Elavon are wholly owned subsidiaries of USB, which in turn is
wholly-owned by US Bancorp , a diversified US-based financial services
holding company.
3. In the United States. USB is active in brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions.
4. Elavon is a fully licensed credit institution regulated by the Central
Bank of Ireland. Elavon is active i n the State in the provision of end -
to-end payment processing services to merchants and financia l
institutions in Europe. Elavon’s payment products are s upported by
credit and debit card processing, electronic cheque s ervices, gift cards,
dynamic currency conversion, multi-currency support, and cross-
border acquiring.
2
5. Neither USB nor any ot her USB subsidiary other t han Elavo n is active
in the State. For the year ended 31 December 2009, Elavon’s
worldwide turnover was approximately €[…] million, of which
approximately €[…] million was generated in t he State.
3
1
USB Trust, formerly known as First Trust National Association, is a financial services provider
founded in 2000 and based in Wilmington, Delaware. U.S. Bank. It is not active in the State.
2
For more information refer to .
3
Turnover calculated according to the definition under Article 5(4) of the EU Merger Regulation.

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