Merger of Lýsing hf., a financial undertaking, and Lykill fjármögnun, certain assets from MP banki hf. an investment and commercial bank.

• Get document
• Case number: 17/2014
• Date: 25/6/2014
• Company:
  • Lýsing hf.
  • Lykill fjármögnun
• Sectors:
  • Financial services
• Policy Area:
  • Mergers
• Summary

  The Icelandic Competition Authority has examined a transaction in which Lýsing hf., a financial undertaking, purchased certain assets from MP banki hf. an investment and commercial bank. The assets purchased were mainly related to the financing of automobiles (auto financing) and machines. The transaction constitutes a merger in the sense of the Icelandic Competition Act. Lýsing is fully owned by Klakki ehf. When the case was investigated it turned out that Klakki is partly owned by Arion banki hf., one of the three largest banks in Iceland and Kaupþing hf., a big shareholder in Arion banki. The Competition Authority came to the conclusion that there is no reason to interfere in this merger on the basis of Article 17 of the Competition Act. The decision is based on the premise that the merged undertaking is not under the control of Arion banki.