Mergers: Commission clears acquisition of joint control over Techco JV by DBS, JPMC, and Temasek
Daily News 30 / 07 / 2021
Source: European Commission Spokesperson's Service
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Techco JV by DBS Bank Ltd. (‘DBS’) of Singapore, JP Morgan Chase & Co (‘JPMC’) of the US, and Temasek Holdings (‘Temasek’) also of Singapore. Techco is a newly created joint venture which will be located in Singapore. It will own and operate globally an electronic platform using blockchain technology to support the clearing and settlement of inter-bank payments. DBS is active in consumer banking, wealth management and institutional banking services. JPMC is a global financial services firm.
Temasek is an investment company. The Commission concluded that the proposed acquisition would raise no competition concerns given that Techco has negligible actual or foreseen activities within the territory of the European Economic Area. The Commission also concluded that the proposed acquisition would raise no competition concerns given the absence of horizontal overlaps and the limited vertical relationships between the activities of the companies. The transaction was examined under the simplified merger review procedure.
More information is available on the Commission's competition website, in the public case register under the case number M.10299.