Commission Clears Banco Comercial Portugues/Interamerican Deal

The European Commission's merger authorities gave regulatory clearance on 18 September for plans by Portuguese bank Banco Comercial Portugues (BCP) and Greek insurance group Interamerican Hellenic Life Insurance Company SA, will acquire joint control over a newly-created joint venture called NovaBank. NovaBank will be active in retail banking in Greece, where none of the founding companies are currently active. The Commission found no significant overlaps in the firms' activities outside the joint venture in Greece. BCP is the leading banking and financial services group in Portugal offering a complete range of retail banking, private banking and corporate banking products and services. Through its subsidiaries, BCP also offers insurance services and asset management. Interamerican is one of the largest private insurance groups in Greece heading a group of companies active in life insurance and non-life insurance.

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