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Bank of New York/Royal Bank of Scotland/RBSI Security Services - Banking

United Kingdom
31/03/2000
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Background

Acquisition by BNY of 30% shareholding in RBSI Security Services, a wholly owned subsidiary of the Royal Bank of Scotland International (RBSI Holdings), an indirect wholly owned subsidiary of the Royal Bank of Scotland. Through the arrangements, BNY will acquire joint control of security services with RBSI holdings. The latter provides banking and other financial services in a number of off-shore jurisdiction. The activities of Security Services consist of fund administration services in Jersey and custodian and certain other banking services in Jersey, Guernsey and the Isle of Man.

Assessment

Since Security Services is not active in, and its activities do not directly affect, any Member State or the EEA territory, the Commission said there are no affected markets and the proposed joint venture does not raise any competition concerns. Therefore, it cleared the operation. (Case n° COMP/M. 1660, Decision of 26/08/99).

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