Kvika banki hf.: Changes in the Executive Committee and Board of Directors

Gudmundur Thordarson has been appointed to the new position of manager of business development at Kvika. Gudmundur will lead the Kvika group's customer relations as well as coordinate the marketing efforts of the bank's revenue divisions. He will also develop new products and services in collaboration with other areas of the bank. Gudmundur will leave the bank's board and take a seat on the executive board.

Gudmundur graduated with a Cand. Oecon degree in business administration from the University of Iceland in 1997. He has also completed a degree in stockbroking and asset management in the UK.  Gudmundur has been a member of Kvika's board since 2017 and has been vice-chairman of the board since 2018. From 2000 to 2003, Gudmundur worked as an expert in the development and corporate consulting department of Íslandsbanki hf. From 2003 to 2007, Gudmundur worked as a manager of the corporate division at Straumur investment bank hf. In recent years, Gudmundur has worked on his own investments as well as performing various board positions.

Ármann Thorvaldsson CEO

"It is a great honor for us to have Gudmund join Kvika's management team. He has decades of experience in corporate consulting and investments, is very well connected in the Icelandic business world and has extensive knowledge of all Kvika's activities after many years of working on the board of the bank and its subsidiaries in the UK. In recent seasons, the bank has achieved great success in strengthening its core operations and achieving optimization in operations, but going forward there is an even greater emphasis on income generation in all areas. The bank's strength to move forward increases significantly when the sale of TM insurance goes through, and Gudmundar's appointment is an important part of strengthening Kvika's customer relations and expanding the bank's activities in the financial market."