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The merger of Straumur fjárfestingabanki hf. and Íslensk verðbréf hf.

  • Get document
  • Case number: 03/2015
  • Date: 15/10/2015
  • Company:
    • Íslensk Verðbréf
    • Straumur fjárfestingabanki
  • Sectors:
    • Financial services
  • Policy Area:
    • Mergers
  • Summary

    The Icelandic Competition Authority (ICA) has reviewed a merger announcement between Straumur fjárfestingabanki hf.'s (Straumur) and Íslensk verðbréf hf. (Íslensk verðbréf). The merger came about with Straumur's acquisition of the majority of share capital in Íslensk verðbréf hf. Straumur's services are market trade and advisory services for undertakings and recently also regarding asset management. Íslensk verðbréf is an undertaking that specializes in market trade and asset management.

    After its investigation it is the ICA's assessment that the merger will not give rise to a dominant position in any submarket of asset management. Financial strength and the market share of the three largest banks in Iceland that are involved in asset management is considerable and the merger may create an entity capable of competing with the other banks which should have a positive effect on competition. Therefore, there is no reason for ICA´S intervention or annullment of this merger on the basis of Article 17 c of the Icelandic Competition Act no. 44/2005.