Competitiveness and holdings

Read more about Íslandsbanki's competitiveness plan, holdings and reconciliation.


Íslandsbanka can, according to Article 22 of Act No. 161/2002 on Financial Undertaking, take over assets to secure payment of claims or to reorganise the activities of customers. 

Competitiveness plan

The objective of the competitiveness plan is to ensure that Bank employees understand and follow the Competition Act and that the combination of this knowledge and targeted compliance with the plan will prevent any anti-competitive behaviour in our operations.

Read the competitiveness plan


Íslandsbanki and the Competition Authority have reached reconciliation on the following issues in accordance with Article 17 of the Competition Act, No. 44/2005.

Changes in the organisation and implementation of the credit card market

30th of April 2015

Íslandsbanki hf. and the Competition Authority agree on changes to the organisation and implementation of the credit card market with decision No. 8/2015. Íslandsbanki agrees to introduce extensive measures to increase competition. The main purpose of these changes is to promote greater efficiency in card services by creating a basis for stronger customer restraint, promoting competitive equality for Payment Initiation Service Providers and card issuance, reducing the risk of conflicts of interest in financial companies' activities in credit card markets.

Acquisition of Glitnir- 95% of Íslandsbanki's share capital acquired by the state.

11th of March 2016

The Competition Authority authorised the Icelandic state to take over Íslandsbanki hf. with decision No. 9/2016. Icelandic State Financial Investments (ISFI) holds all share capital in Íslandsbanki, following the Icelandic state's acquisition of Glitnir. The ISFI also holds 98.2% in Landsbankinn and 49.5% in Sparisjóður Austurlands. The government has therefore committed to complying with regulations and taking measures to promote the banks' operation as independent competitors. Íslandsbanki hf. has also agreed to comply with conditions designed to prevent joint ownership from adversely affecting competition.

Measures to strengthen competition in general commercial banking services with individuals and small businesses

4th of July 2017

Íslandsbanki and the Competition Authority agreed to strengthen competition in general commercial banking services with decision No. 25/2017. The measures aim to reduce costs incurred by customers when switching between commercial banks, promoting more effective competitive restraint on the part of individuals and small businesses with those who provide commercial banking services in Iceland.