27. April 2017

Announcement from the Board of Directors of Kvika banki hf.

Kvika's CEO, Sigurður Atli Jónsson, has given the bank's Board of Directors notice of his decision to resign.

Sigurður Atli has been CEO at Kvika since 1 July 2011, when the bank was called MP banki. He has headed the bank's successful development, financed by new share capital raised in the spring of 2011, and directed the merger of MP banki and Straumur Investment Bank in 2015. Undir his control and guidance the merger surpassed all expectations at the time. A new, independent and specialised investment bank was created under the name Kvika.

Extremely good synergies were achieved in the first six months following the merger. In 2016 Kvika's profit amounted to ISK 2 billion and return on equity was 34.7%. Sigurður Atli has steered the bank to its current robust position and will hand over a very strong operation, as Kvika's profit in the first quarter of this year amounts to around ISK 400 million.

Sigurður Atli Jónsson:

“It is gratifying to see how successfully we have built up this new Icelandic bank. Its development has been an exceptional success. The bank's unique position is based on its clear vision  ̶  to be an independent and specialised investment bank, with a multi-faceted, strategic programme, systematic development of corporate culture and, above all, a fantastic team of people. 

It is evident that the project has been successful and the bank's future is especially bright. Kvika's 2016 results and its performance in the first quarter of this year bear witness to this. Such results can only make me proud as the CEO and leader of the great people with whom I have had the pleasure to work. I want to express my thanks to the fantastic individual and corporate clients in Kvika's community for positive collaboration and exchanges.

Clear objectives allow us to focus on opportunities. Now is the right time for me to make changes. I wish Kvika's employees, Board of Directors and shareholders every success in the future.”

Kvika's Board of Directors will miss Sigurður Atli, but expresses its sincere thanks for his excellent work on behalf of the company's shareholders, clients and employees. The Board of Directors places high value on his leadership and contribution to making Kvika a sound and strong investment bank and a leading force in its field.

Þorsteinn Pálsson, Chairman of the Board of Kvika banki hf.