Merger control: Commission approves modified Alpha Card joint venture between American Express and Fortis
- Belgium
- 10/10/2008
- Roschier, Attorneys Ltd. - Sweden
The Commission has cleared the proposed transformation of the existing joint venture Alpha Card S.C.R.L./C.V.B.A (“Alpha Card”) into a full-function joint venture between American Express Company (“American Express”), of the US, and Fortis Bank S.A. / N.V. (“Fortis”), of Belgium. Fortis is an international provider of banking and insurance services to personal, business and institutional customers. American Express is active globally in the markets for payment card issuing, merchant acquiring and travel and insurance services. Most of American Express’s payment card issuing and merchant acquiring businesses in Belgium and Luxembourg have been transferred to the Alpha Card joint venture. The Commission concluded that the proposed acquisition will not create or strengthen such a dominant market position that would significantly impede effective competition in the EEA or in any substantial part thereof.
Source: Commission Press Release 3/10/2008
