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The National Economic Prosecutor's Office (FNE) has banned the merger operation consisting of the entry of Banco Santander Chile (Santander) into the property of the Society of Collection and Taxation. payment of services Limited (Servipag), today, it is owned in equal shares by Banco de Chile and Banco de Credito e Inversiones
The operation, which was notified on October 26, 2017 through of the merger control system, envisaged the entry of Santander new partner, so that each banking entity holds a third of the Servipag property.
The FNE conducted an investigation to determine the risks that this transaction could cause, conducting an badysis of market shares and concentration indices from different definitions of the relevant market, and to badess the pressure on the market. As a result of this work, the Prosecutor concluded that the entry of Santander into the Servipag property would have significantly reduced competition in the digital collection and payment button markets. , and determined that there are coordinated risks, that it would not have been adequately compensated, neither by the efficiency gains supported by the banks, nor by the measures taken by the banks. mitigation they proposed, as explained in the report and in the archival resolution, the public versions of which are in preparation.
it is the second time that the Chilean competition authority prohibits a concentration between companies, since the entry into force of the new system of compulsory control of the concentrations, following the. ban on the acquisition of Nutrabien by Ideal last May.
The decision of the FNE can be claimed by the parties before the Tribunal for the defense of free competition.
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