The transaction by which Royale Belge, part of the group AXA_UAP has acquired sole control of Anhyp Bank has been approved by the European Commission. The companies involved are operating in Belgium and in Luxembourg mainly. Royale Belge is in the insurance sector but has since a few years also a presence in the banking sector via its subsidiary IPPA, Anhyp Bank. There are apparently some overlaps between the parties' activities in the banking area, but from the Commission's point of view the market shares remain rather low and does not give rise to competition concerns.
Royale Belge is owned by AXA-UAP group and is active in banking, insurance and financial services. The worldwide turnover was 58.140 million ECU in 1997.
Anyhyp Bank is operating mainly in Belgium and in Luxembourg in the banking and the real estate sectors. In 1997, its turnover was 564,97 million ECU.
The acquisition has been made in two steps: Royale Belge will acquire 16,4% of the capital shares of Anhyp Bank from the insurance company AG, then followed by a public offer of the remaining shares.
The Commission is of the opinion that this acquisition does not create or strengthen any dominant position and has therefore declared it compatible with the common market and the EEA (European Economical Area).
This article is based and incorporates information provided by the European Commission (Press releases) and is intended for general information. Specialist advice should be sought before acting on it.
Royale Belge is owned by AXA-UAP group and is active in banking, insurance and financial services. The worldwide turnover was 58.140 million ECU in 1997.
Anyhyp Bank is operating mainly in Belgium and in Luxembourg in the banking and the real estate sectors. In 1997, its turnover was 564,97 million ECU.
The acquisition has been made in two steps: Royale Belge will acquire 16,4% of the capital shares of Anhyp Bank from the insurance company AG, then followed by a public offer of the remaining shares.
The Commission is of the opinion that this acquisition does not create or strengthen any dominant position and has therefore declared it compatible with the common market and the EEA (European Economical Area).
This article is based and incorporates information provided by the European Commission (Press releases) and is intended for general information. Specialist advice should be sought before acting on it.
