21/05/92
21/05/92
16:29
20:16
UKREP EC 32 2 2979267
202
(27)
MERGER REGULATION
1. 6pm Mr Fitchett /EC.
Сори
(P(08)
2. M. Shake Mbe/z
M
FLANGES
Brussels, 21 May 1902
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COMMISSION CLEARS MERGER BETWEEN HONG KONG AND SHANGHAI BANK AND MIDLAND BANK
/22/1
Commenting on the dep/alon, Sir Leon Britten, EC Commissioner for pompetition polloy and financial services, salt 1
"We examined all aspects of this proposed acquisition. Our task was to see if it would orante or strengthan a dominant position within the Community or in any single saaber state. That is the test that we have to apply. Our examination made it clear that no such dosinant position would arise. We found that kidiand Bank and the HSBC compete in very few sectors, and that if the maryan want through flarea competition would remain in these swotora. Moreover, the therassed size of the resuiting company would not in itasif be sufficient to give rise to a position of dominance in any of the affected markets. It ls for these reasone that i have been able to clear the proposed merger.”
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The European Commission has cleared the proposed soquisition by Hong Kong and Shanghal Banking Corporation Holdings pie (HSBC) of Midland Bank ple (Midland). After exmining the concentration, which was notified to the Commission on April 28, the Commission has concluded that it does not rajab serious doubte to its compatibility with the comon market.
The barties
HSSC) is an Investment company and the ultimate parent company of the Hong Kong) and Shanghai Banking Corporation Group, which is active mainly in doneèt is and international banking und related financial services primarily in Asia, Europe and America. It ranks as the world's 23rd largest bank by shareholders' funde and 18th by assets. Midland is ons of the principal full service banks in the United Kingdom. The Midland group fà active in banking, financial and related services primarily in the UK, although it is also present in the other main world financial contres. The Midland group is the world's 60th largest bank by shareholders' funds and the 40th by issets. It is the 19th largest bank In the community.
**To8Cz z zca IT:01 28. 20/12