The Icelandic Competition Authority clears a joint venture in the credit card sector subject to remedies, including conditions on board membership and the exchange of information (Kaupthing / Einkaklubburinn-Ekort)

The operation On 24 September 2007, Kaupthing bank notified the Icelandic Competition Authority (ICA) of its proposed acquisition from SPRON bank of 49% of the share capital of Einkaklubburinn ehf (now Ekort). The agreement between SPRON and Kaupthing was structured to lead to Kaupthing increasing its shareholding to 50% of the share capital of Einkaklubburinn, when Kaupthing and SPRON would then each own 50% of Einkaklubburinn.Einkaklubburinn markets and provides