Yfirtaka Glitnis banka hf. á Íslandsbanka

The Competition Authority considered that the competitive independence of Íslandsbanki might be impaired by the merger, not least in light of the fact that a situation could arise where the same creditors would be prominent on both sides, i.e. with Glitnir on the one hand and Kaupþing bank 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 Íslandsbanki. The conditions include Glitnir's commitment to ensure the competitive independence of Íslandsbanki, 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 of directors.