Arion Bank has committed to putting the AFL savings fund up for sale and has reached an agreement with the Competition Authority.

With Decision no. 9/2015 The decision, published today, concerns the dominance of Arion Bank hf. over AFLi-sparisjóður ses. The decision is based on a settlement reached between the Competition Authority and Arion Bank under the Competition Act. The settlement was reached after Arion Bank had acquired full control over the savings bank through amendments to the bank's articles of association, which had limited the bank's voting power. In this regard, Arion Bank had announced its intention to sell its stake in the fund through an open sales process.

In accordance with this, Arion Bank has now committed to complying with the following conditions:

• -AFL-savings bank will be sold in a defined process by 1 August 2015. Arion bank has already advertised the savings bank for sale in accordance with the aforementioned agreement, see advertisement in Viðskiptablaðið, dated 22 April. In this, investors wishing to participate in the tender are given a deadline to submit information.
• AFL Savings Bank shall operate unchanged during the sale period, and Arion Bank is prohibited from taking any measures that could impair AFL's competitive independence.
• Independent experts shall monitor the sales process and the bank's implementation of the conditions set for its takeover of the savings bank.

If the sale of Arion Bank is not successful within the offer period, Arion Bank is authorised to take the necessary measures with the aim of merging the savings bank with the bank.

Interested parties are advised to contact Arion Bank without delay. Comments regarding the process may be directed to Arion Bank or the Competition Authority at the email address samkeppni@samkeppni.is.

In the decision No. 9/2015 The circumstances of the case and the duties of Arion Bank under the aforementioned conditions are discussed in more detail.