The European Commission approved under the simplified merger review procedure the acquisition of Popular Gestión, a Spanish asset management company, by Banco Popular Español S.A. ("BPE", Spain) and Allianz SE ("Allianz", Germany).

The European Commission has granted clearance under the EU Merger Regulation to the acquisition of Popular Gestión, a Spanish asset management company, by Banco Popular Español S.A. ("BPE", Spain) and Allianz SE ("Allianz", Germany).

Allianz is the ultimate holding company of Allianz Group, which is an international insurance and financial services provider, active in all market segments related to insurance, asset management and banking. Banco Popular is the ultimate holding company of Banco Popular Group, which is active in the commercial banking, factoring, asset management, pension funds management, securities and exchange management, leasing, and  insurance sectors.

Popular Gestión is currently an entity solely controlled by Banco Popular, which provides asset management services (management of investment funds). The transaction entails the acquisition of joint control of the Spanish Undertaking Popular Gestión by Allianz and Banco Popular, through a newly set up company ("SONATA"). Its main goal is to contribute to the enhancement of the Popular Gestión business in Spain. Banco Popular is in charge of providing the distribution network for the managed products developed by Popular Gestión.