08. July 2019

Changes in Management of Kvika

Ásgeir Helgi Reykfjörð Gylfason, who has acted as Managing Director of Kvika’s Corporate Banking division, has resigned from his post and ceased working.

The name of the Corporate Banking division has been changed to Banking division and Magnús Ingi Einarsson has been appointed as its new Managing Director. Magnús Ingi has been working with the bank since 2006 and was the Managing Director of the Finance and Operations division since 2015.

Ragnar Páll Dyer has been appointed as the Managing Director of the Finance and Operations division. Ragnar has been working with Jupiter Capital Management, which is a subsidiary of Kvika, since 2010 and was the Managing Director of Jupiter since 2013. Ragnar is expected to commence work at the beginning of August, but until then Magnús Ingi will be acting as the Managing Director of both divisions.

A decision has been made to formulate a strategy for the asset and fund management activities of Kvika and the bank’s subsidiaries, Jupiter and Gamma. Asset management activities within the Kvika Group have greatly increased over the past years and the assets under management currently amount to over ISK 400 billion. The strategy making will, among other things, explore the possibility of partially or wholly merging the asset management activities of the group with a view to strengthening asset and fund management even further. Hannes Frímann Hrólfsson, the Managing Director of Kvika’s Asset Management division, will be helming that task.

Marinó Örn Tryggvason, CEO:

I would like to thank Ásgeir Reykfjörð for his fine work at Kvika and wish him all the best in his future endeavours. Ásgeir has worked for the bank and its predecessors since 2012 and played a key role in developing the bank that Kvika is today.

These alterations bring opportunities and I am pleased with the changes that have been made. In the Banking Division a greater emphasis will be placed on FinTech which reflects the changes that are taking place in the financial market. The Finance and Operations division will continue to place an emphasis on developing the infrastructure of the bank because I believe that an effective and reliable infrastructure is a pre-condition for the ongoing positive operating results of the bank.

The importance of the bank’s asset and fund management has increased in recent years, thanks to both internal and external growth. I believe that trend will continue and it is therefore important that we organise activities with the objective of achieving the best possible results in serving our customers.