Review of Arion Bank hf.'s obligation to sell its shareholding in AFLi Savings Bank ses. – authorisation to merge the bank with Arion Bank

In the decision of the Competition Authority No. 9/2015 which was published on 8 May, took a position on Arion Bank hf.'s control over AFLi Savings Bank ses. The decision was based on an agreement between the Competition Authority and Arion Bank, made under competition law, following the bank's acquisition of full control over the savings bank. The settlement was subject to specific conditions which Arion Bank committed to comply with, such as putting AFL Savings Bank up for sale.

In the decisionNo. 16/2015 As stated in a notice published today on the authority's website, the Competition Authority considers that the conditions for a further sale of Arion Bank's stake in AFLi Savings Bank have been met, pursuant to the decision. No. 9/2015. Consequently, the provisions of clause 5.3 in the terms of this decision are hereby activated. This entails that no agreement has been reached for the sale of Arion Bank's shareholding in AFL within the sale period, despite the necessary sales efforts having been undertaken. Arion Bank shall therefore be authorised to take the necessary measures, including the purchase of share capital held by third parties, with the aim of merging AFL with Arion Bank.