Kvika banki hf.

Change of CEO

The Board of Directors of Kvika banki hf. („Kvika“ or „the bank“) and the bank‘s CEO, Marinó Örn Tryggvason, have today reached an agreement on the CEO’s retirement. Discussions regarding the retirement were initiated by the CEO. The retirement has become effective.

The Board of Kvika has engaged Ármann Þorvaldsson as the bank’s CEO, effective as of today. Ármann previously held the position as CEO of Kvika, in the years 2017-2019 and was deputy CEO between 2019-2022. He has decades of experience in the financial market. Ármann graduated with an MBA degree from Boston University in 1994 and has an BA degree in history from the University of Iceland.

Marinó Örn Tryggvason, departing CEO:

“I started working at Kvika over six years ago and have been the company's CEO for the last four years. During this time, the bank’s operations have changed considerably. Today the bank is one of the largest and most valuable companies in the country. I am proud of how the team of Kvika banki has managed to strengthen its operations and growth.

The company is at a certain turning point, where investments of recent years, such as the expansion of fintech activities, are beginning to pay off. Kvika has also increased competition in the domestic financial market, bringing great benefits to the society. There are many opportunities ahead for further growth and development of the bank on these foundations.

In recent weeks, I have contemplated on whether I believe it is right that I lead the company in its future development. My conclusion is that I have requested to retire, which I consider to be a reasonable conclusion for both me and the company.

I would like to thank the board and the bank’s employees for their good cooperation in recent years. The company has a strong team and I will miss my coworkers, but at the same time it am excited to watch them achieve continued success.”

Sigurður Hannesson, chairman of the Board of Kvika:

"Kvika has grown stronger since Marinó took over as the bank's CEO, and the bank's operations rest on more diverse foundations today. At this point in time, the board of Kvika would like to thank Marinó for his work in the interest of the bank, and the board wishes him continued success in his work.

It is also a pleasure to be able to announce the appointment of Ármann Þorvaldsson as CEO of the bank. Ármann immediately assumes the position as CEO, but few people are as well aware of Kvika's operations as him. Ármann's experience and knowledge of the financial market means that he will be a strong leader and able to make the most of the many opportunities that Kvika faces."

Ármann Þorvaldsson, CEO of Kvika banki hf.:

“I am very excited to be taking over as the CEO of Kvika from Marinó Örn, after his successful management, under which the group has strengthened and expanded significantly. I see many opportunities for Kvika’s further development, and it will be the task of coming months to work towards those opportunities to the benefit of the bank's shareholders.

I am not completely unfamiliar with the job, but Kvika has changed quite a bit since I held the ranks, and I am very excited to lead this strong company and the wonderful people who work there.”

Please note that this notice is a disclosure of inside information per article 17 of regulation (EU) No 596/2014 on market abuse (“MAR”), which is implemented into Icelandic law with the act on measures against market abuse No 60/2021.

For further information please contact Magnús Þór Gylfason, head of communications and stakeholder relations, at [e-mail] or via tel. [phone].