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Legal Update

Banco Santander Central Hispano/Antonio Champalimaud

31 Jul 1999 United Kingdom 1 min read

Banco Santander Central Hispano’s (BSCH - Spain’s largest bank) proposed partnership with António Champalimaud has met with opposition from the Commission. The Portuguese authorities have been warned against trying to influence the outcome of the partnership bid. Portugal is under pressure to show that it is not using legislation in contravention of EU rules to fend off non-domestic competition from its financial sector. It claims that BSCH has broken Portuguese law by failing to obtain prior authorisation for acquiring more than 10% of an insurance company (13.07.1999)

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