Skandinaviska Enskilda Banken/BfG Bank - Banking

United Kingdom

Proposed acquisition by the Swedish undertaking Skandinaviska Enskilda Bank NAB (SEB) of sole control of the German undertaking BfG Bank AG (BfG).

Background SEB is active in the banking sector. It is one of the largest financial groups in the Nordic area and offers a broad range of banking and insurance services mainly in the Nordic countries. The main services are retail banking, corporate banking and international financial products. BfG is the fifth largest private commercial bank in Germany. Its main businesses with bases in Germany are retail banking (also Internet), corporate banking and international financial products.

Assessment Following past practice, the Commission divided these banking and financial services into three main categories constituting separate markets : (1) retail banking, (2) corporate banking and (3) activities relating to financial markets.

The operation was cleared. While SEB is dominant in Sweden, and other Nordic countries, outside Scandinavia there are only minor overlaps with the activities of BfG. As regards BfG, while it is mainly active in Germany, its market share is less than 15% on any possible market. The merger does not lead to market share additions in Sweden or other Nordic countries. (Case n° COMP/M. 1764, decision of 10/12/99, public version available February 2000).