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Portuguese Competition Authority clears large banking merger

The Portuguese Competition Authority has cleared (with conditions) Millennium BCP's acquisition of rival Banco BPI - both large full-service financial institutions in Portugal, active across most segments of the corporate, SME and retail banking markets as well as in the provision of related financial services. This was a highly complex merger, both because of the substantial number of markets that had to be assessed by the Authority and because of the dynamic changes underway in the financial services sector. The merger assessment was carried out against the background of the EC sector inquiry into retail and SME banking. A large CRA team in London (Cristina Caffarra, Teresa Fels, Claudio Calcagno and Pablo Florian) and Australia (Henry Ergas, Jenny Orr, and Sabine Schnittger) worked for BCP on gaining clearance for the merger.

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