The Competition Authority considered that Arion Bank's independent position in the market could be impaired by the merger, not least in light of the fact that the situation could arise where the same creditors would be prominent on both sides, i.e. with Kaupthing on the one hand and Glitnir on the other.
Should that situation arise, it could distort competition. Conditions were imposed on the merger following discussions with the parties to the case, in order to ensure the competitive independence of Arion Bank. The conditions include Kaupthing's commitment to ensure the competitive independence of Arion bank, inter alia by ensuring that individuals who are independent of other commercial banks and savings banks operating in the same market sit on its board.
Decision No. 49/2009.
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