Merger of Kviku banki hf., TM hf. and Lykil fjármögnunar hf.

According to the merger register, the main business of the Kviku bank hf. group consists primarily of asset and fund management, market operations, corporate advisory services, banking services and lending. It further states that TM's main business consists of non-life insurance and financial operations, as well as life insurance operations through its subsidiary, TM líftryggingar hf. It also states that Lykill is a lending company that provides asset-backed financing and funds the purchase of cars, machinery and equipment for individuals and businesses.

Following an investigation and having regard to the evidence, the Competition Authority is of the opinion that the merger does not prevent effective competition and therefore does not result in the creation of a dominant position. Furthermore, it does not otherwise lead to a significant distortion of competition in the market. Therefore, there are no grounds to take action regarding the merger under Article 17(c) of the Competition Act No. 44/2005.