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The ICA's revision of Arion banki hf.'s obligation to sell its shares in AFL-sparisjóður ses.

  • Get document
  • Case number: 16/2015
  • Date: 16/10/2015
  • Company:
    • Arion banki hf.
    • AFL Sparisjóður ses.
  • Sectors:
    • Financial services
  • Policy Area:
    • Mergers
  • Summary

    In the Icelandic Competition Authority's (ICA's) decision no. 9/2015, published May 8th, on the merger of Arion banki and AFL-sparisjóður ses. (AFL) it was concluded that a merger was permitted with limitations and an agreement was made between Arion banki and the ICA. The agreement included extensive conditions stating that Arion banki was obligated to attempt to sell AFL.

    However, the ICA believes that the conditions have changed since the first decision was made as stated in decision 16/2015. This is mainly due to the fact that no suitable buyer has been found within the set time limits in spite of Arion‘s efforts to sell. Therefore article 5.3 from the previous decision (no. 9/2015) is now implemented, allowing Arion bank to make the necessary arrangements, including the acquisition of the remaining initial equity owned by a third party, in order to fully merge AFL and Arion banki.