Brussels, 29/03/2006 (Agence Europe) - On 29 March, the European Commission approved the proposed acquisition of joint control of Companhia de Creditos (COSEC) by Eurler Hermes SFAC (Euler Hermes) and Banco BPI S.A. (BPI). A press release from the Commission states that Euler Hermes is an insurance company, active in the credit insurance sector and in the management of trade receivables, BPI is active in investment banking, private equity, commercial banking and life insurance, and COSEC is a specialised insurance company mainly offering credit insurance policies, guarantee products and political risk insurance in Portugal. The Commission said that the transaction would not impede effective competition in the markets for credit insurance and guarantee products in Portugal and that, for all products concerned, COSEC would continue to face several strong, effective competitors with significant market shares, as well as competition from new entrants.