The Competition Appeals Tribunal repeals the Norwegian Competition Authority’s block of DNB’s acquisition of Sbanken

The Competition Appeals Tribunal today repealed the Norwegian Competition Authority’s decision against DNB’s acquisition of Sbanken.  – We will now take a careful look at the Tribunal’s decision, says Director General Tina Søreide.

The Norwegian Competition Authority prohibited DNB’s acquisition of Sbanken 16 November 2021, as the Authority concluded that the acquisition would restrict competition in the market for mutual fund distribution. DNB appealed the decision 3 December 2021 to the Competition Appeals Tribunal. The Tribunal has now repealed the Authority’s decision.

-The Competition Appeals Tribunal has concluded that it is not sufficiently likely that the acquisition will significantly reduce competition. We will now study the Tribunal’s decision carefully, says Director General Tina Søreide.

-We take note of the Competition Appeals Tribunal’s decision, but are of course disappointed that the Tribunal concluded differently from us, says project manager Magnus Friis Reitan.

This is the case:

  • 15 April 2021: DNB announces that it wants to acquire Sbanken
  • 20 May 2021: The planned acquisition is notified to the Authority
  • 24 June 2021: The Authority informs DNB and Sbanken that it may have objections against the acquisition
  • 26 August 2021: In a Statement of Objections, the Authority informs DNB and Sbanken after an in-depth investigation that it may prohibit DNB’s acquisition of Sbanken
  • 16 September 2021: The deadline for DNB and Sbanken to submit their comments to the Authority’s Statement of Objections
  • 6 October 2021: DNB submits a proposal for remedies the day before the Authority must conclude its review of the acquisition, and the Authority therefore extends the deadline
  • 27 October 2021: After receiving another request from DNB, the Authority agrees to extend the deadline for its review of the acquisition for a second time
  • 5 November 2021: DNB submits a new proposal for remedies
  • 18 November 2021: The final deadline for concluding the Authority’s review of the transaction. Read the conclusion here. 
  • 3 December 2021: DNB appealed the decision to the Comptetition Tribunal.
  •  16 March 2022: The Competition Tribunal repeals the Authority’s decision.
Magnus Friis Reitan, Norwegian Competition Authority.
Magnus Friis Reitan, Norwegian Competition Authority.

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