Kvika banki hf.: Marinó Örn Tryggvason new CEO of Kvika banki hf.

Announcement from the Board of Directors of Kvika banki hf.

27 May 2019

Ármann Þorvaldsson has requested to change his role at Kvika and to step down as CEO of Kvika. At the same time he will take on the post of Deputy CEO of the bank. Going forward his work will solely be focused on building client relations, developing business opportunities and supporting the continued development of the bank’s operations in the UK.

The Board of Directors of the bank has appointed Marinó Örn Tryggvason, who has been the Deputy CEO of Kvika since 2017, as CEO.

Marinó previously worked at Arion banki and its predecessors since 2002. Marinó holds a BSc in business studies from the University of Iceland.

Kristín Pétursdóttir, chairman of the Board of Directors:

“We have reached a certain milestone at Kvika now that two years have passed since Ármann and Marinó started working at the bank. A short while ago, Ármann requested to change his duties, with the result that Ármann and Marinó exchange roles. They have worked well together and, with other executives and employees, built up a strong bank. Ármann will be less involved in the day-to-day management of operations than Marinó has been, but will instead concentrate on developing business opportunities. I expect the changes will lead to an increased emphasis on revenue generation, and that Marinó's experience and knowledge will be of great importance in the ongoing development of the bank.”

Ármann Þorvaldsson:

“It has been particularly pleasing to have managed Kvika’s successful operations over the past two years. The listing on the stock market and the mergers the bank has entered into have exceeded expectations and good operating results have resulted in great returns for shareholders of the bank during this period. At the same time, foundations have been laid for numerous exciting projects which should generate value for the shareholders of the bank in the quarters ahead.

The work of a CEO entails heavy administrative duties, which I am not interested in performing in the long term. On the other hand, I am very keen to continue working with the great people at Kvika and I want to concentrate on tasks that strengthen our client relations and developing business opportunities. The development of the bank’s operations in the UK has been very positive over the past few years and there are clearly good marketing opportunities for Kvika there in the future. With this change I feel that it will be possible to put my experience, knowledge and UK connections to better use to support ongoing growth there.

I welcome the opportunity to be able to continue working with the new CEO, Marinó Örn Tryggvason, since our collaboration has worked so well so far, and I believe he will be very successful in leading the bank.”

Marinó Örn Tryggvason:

“Over the past two years it has been particularly rewarding to get to know and work with colleagues at the bank. Kvika possesses a group of dynamic employees that will be a pleasure to continue working with. The business environment for financial institutions is changing and Kvika is in a unique position to capitalise on the opportunities that come with these changes. It is an exciting task to be able to continue building a strong financial institution with the Board of Directors and employees of the bank.”

Kvika is a specialised bank and a leader in asset management and investment activities.

For further information please contact:

Marinó Örn Tryggvason, CEO tel. 540-3200

Kristín Pétursdóttir, chairman of the Board of Directors, tel. 540-3200

Ármann Þorvaldsson Deputy CEO of Kvika, tel. 540-3200