Cash Services Australia Pty Limited - s.87B undertaking

The undertaking extends CSA's 2001 undertaking with the following alterations:

• provides that the National Australia Bank Limited (NAB) has acquired a 25% equity in CSA;
• the undertaking will remain current for as long as the ACCC considers it necessary to address competition concerns;
• that CSA will not commence trading in wholesale cash either in its own right or as an agent for any owner of wholesale cash without first giving the ACCC four weeks notice; and
• that CSA will not accept NAB as a member for the purposes of acquiring armoured carrier services without first giving the ACCC four weeks notice

NAB has also given the ACCC an informal undertaking that it will not acquire armoured carrier services from CSA without first giving the ACCC six weeks notice

Undertaking withdrawal

On 10 January 2017 Cash Services Australia sought the ACCC’s consent to the withdrawal of the undertaking pursuant to s 87B(2) of the Competition and Consumer Act 2010 (Act).

On 8 February 2017, the Chairman, pursuant to a delegation from the Commission of its powers and functions under s 87B(2) of the Act, consented to the withdrawal of the undertaking subject to completion of the proposed acquisition of Cash Services Australia by Prosegur Australia Holdings Pty Ltd and written notification of completion being provided to the ACCC by 8 May 2017.

On 17 February 2017 Prosegur acquired the entire shareholding of Cash Services Australia. The ACCC received written notification of completion of the proposed acquisition on the same day.

The ACCC’s reasons for consenting to the withdrawal of the Undertaking are set out in the attached document titled ‘Consent to Withdrawal of Section 87B Undertaking’.