Important step in the merger of Íslandsbanki and BYR

17.10.2011

The Icelandic Competition Authority has concluded that it will not act on the proposed merger of Íslandsbanki and Byr hf. The Financial Supervisory Authority (FSA) had previously reached the conclusion that Íslandsbanki is eligible to acquire a qualifying holding in Byr to the extent that Byr hf. can be considered a subsidiary bank. The proposed merger is still being evaluated by the FSA and ESA, the EFTA Surveillance Authority. Furthermore, the Ministry of Finance on behalf of the government will need the Parliament's approval for the sale of its holding in Byr.

The day-to-day operation of both Íslandsbanki and Byr will be as usual, until the above mentioned parties have announced their approval.

Íslandsbanki welcomes the conclusion reached by the Competition Authority. The merger between Íslandsbanki and Byr is an important step in the process of increasing efficiency in the Icelandic banking sector.

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