EC clears BNP Paribas' acquisition of Fortis assets

BRUSSELS, Dec. 3 (Chinese media) -- The European Commission has cleared the acquisition of the Belgian and Luxembourg banking arms of finance group Fortis by French bank BNP Paribas.

The clearance came after BNP committed to divest entirely its Belgian credit card arm PFB as the commission was concerned the issuing of credit cards in Belgium and partly in Luxembourg, where the merged entity would have become by far the largest player, may reduce clients' choice for credit cards.

The commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it.

"This decision is a perfect example of the commission's ability to reconcile a rapid response to the credit crisis with the need to ensure that competition law plays its role in the defence of legitimate consumer interests," said Commissioner Neelie Kroes.

BNP Paribas is present in Belgium and Luxembourg in credit cards through its subsidiary PFB, which issues cards under the Master card label and Aurora brand.

It is also present through Fimaser, a Belgian joint venture with the retail chain Carrefour, Fidexis, a 100-percent owned subsidiary of PFB, and KBC Pinto Systems, a joint venture with the Belgian bank KBC.