The Icelandic State‘s acquisition of 95% share in Islandsbanki hf

With its decision no. 9/2016 the Icelandic Competition Authority („ICA“) authorised the Icelandic State‘s acquisition of 95% share in Islandsbanki hf, one of Iceland‘s largest commercial banks, subject to certain conditions that the ICA considered necessary in order to protect competition in the Icelandic banking market, especially in view of the State‘s majority ownership in Landsbankinn hf. which is also one of the three largest banks in the country. The conditions are based on ICA‘s powers as defined by Article 17c of the Icelandic Competition Act, no. 44/2005.