Press Release: Mergers: Commission clears the creation of a joint e-commerce venture between Telefónica, CaixaBank and Banco Santander

The European Commission has cleared under the EU Merger Regulation the creation of a joint venture between the Spanish telecommunications operator Telefónica and two Spanish banks, CaixaBank, controlled by La Caixa–Caja de Ahorros, and Banco Santander. The joint venture will develop a virtual community for merchants and consumers in Spain providing services to its members, such as digital advertising and data analytics services to merchants, as well as digital wallet services, with peer-to-peer payment functionality to consumers.