On 3 April, it was publicly announced that the board of directors of Íslandsbanki and the board of the Investment Bank of Industry (FBA) had reached an agreement to recommend to the shareholders of the companies that the two be merged. By letter dated 11 April, the Competition Authority informed Íslandsbanki and FBA that it had decided to examine the proposed merger under Article 18 of the Competition Act No. 8/1993. At its meeting on 29 May, the Competition Council made a decision in this matter. The outcome was that the Competition Council will not take action regarding the merger.
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