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.
Kvika’s pre-tax profit for the first six months of 2023 amounted to ISK 2,684 million and return on tangible equity before taxes (RoTE) was 12.4% in the period.
In the past months negotiations on the possible merger of Íslandsbanki hf. („Íslandsbanki“) and Kvika banki hf. („Kvika") have continued and the companies, along with foreign and domestic advisors, have worked on evaluating possible synergies and the position of a merged company on the market.
Kvika’s pre-tax profit amounted to ISK 1,412 million in Q1 2023, in line with expectations despite net investment income considerably under expectations. Return on tangible equity before taxes (RoTE) was 13.1% in the period.
Merger discussions between Íslandsbanki hf. and Kvika banki hf. are proceeding. As has been reported previously, discussions began in February, following approval by the board of directors of both companies. The companies’ boards believe that the merger can bring significant benefits to shareholders and customers of both.
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At a board meeting on 15 February 2023, the Board of Directors and the CEO approved the consolidated financial statements of Kvika banki hf. for the year 2022.