{"id":42169,"date":"2022-04-29T11:30:12","date_gmt":"2022-04-29T10:30:12","guid":{"rendered":"https:\/\/www.ccpc.ie\/business\/?p=42169"},"modified":"2022-05-04T12:32:33","modified_gmt":"2022-05-04T11:32:33","slug":"ccpc-issues-assessment-to-a-number-of-parties-in-relation-to-synch-mobile-payment-service","status":"publish","type":"post","link":"https:\/\/ccpc.inventise.ie\/business\/ccpc-issues-assessment-to-a-number-of-parties-in-relation-to-synch-mobile-payment-service\/","title":{"rendered":"CCPC issues assessment to a number of parties in relation to Synch mobile payment service"},"content":{"rendered":"<p>As part of its review process into the proposed transaction whereby a joint venture between Allied Irish Banks (AIB), the Governor and Company of the Bank of Ireland (BOI) and Permanent TSB P.L.C. (PTSB) and KBC Bank Ireland P.L.C. will create a new joint venture company, Synch Payments DAC (Synch), see <a href=\"https:\/\/ccpc.inventise.ie\/business\/mergers-acquisitions\/merger-notifications\/m-21-004-aib-boi-ptsb-synch-payments-jv\/\">merger notification (M\/21\/004)<\/a>, the Competition and Consumer Protection Commission (CCPC) has issued an assessment of the proposed transaction to AIB, BOI, PTSB and Synch. It is anticipated that Synch will provide a new industry-wide mobile payment service in the State.<\/p>\n<p>This assessment, which sets out the preliminary views of the CCPC, is not a final determination. The parties have an opportunity to respond in writing to the CCPC\u2019s assessment and they may also ask to make an oral submission.<\/p>\n<p>This proposed joint venture was originally notified to the CCPC in April 2021. \u202f<span data-contrast=\"auto\">The CCPC carried out a<\/span> <span data-contrast=\"auto\">preliminary investigation of the proposed joint venture and concluded that a full investigation was required to establish if the proposed transaction could lead to a substantial lessening of competition in the State.<\/span><\/p>\n<p>The submission of a series of proposals by the parties, which have been developed to address the CCPC\u2019s preliminary competition concerns, had the effect of extending the date by which the CCPC must make a Phase 2 determination by 15 working days.<\/p>\n<p>Based on the timelines as set out in the CCPC\u2019s <a href=\"https:\/\/ccpc.inventise.ie\/business\/mergers\/mergers\/\">Merger Review Process, <\/a>it is now expected that the investigation will conclude by July 2022. At that time, the outcome of the investigation will be published on ccpc.ie. A full non-confidential version of the CCPC\u2019s determination will subsequently be published.<\/p>\n<p>As the merger control review is ongoing, no further information or comment can be provided at this time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As part of its review process into the proposed transaction whereby a joint venture between Allied Irish Banks (AIB), the Governor and Company of &hellip;<\/p>\n","protected":false},"author":217,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-42169","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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