The board of directors of Kvika Banki Hf. approved the CEO's proposal to change the bank's organizational chart. Sigurður Viðarsson, CEO of TM, will take on the role of deputy CEO of Kvika banki from Ármann Þorvaldsson, which will focus on further development of Kvika's operations in the UK.

Ármann will continue his role as a board member in the bank's subsidiaries in the UK and also take on specific assignments for Kvika. Gunnar Sigurðsson, CEO of Kvika Securities, will take a seat as a new member in the Kvika group management board. The managing director of Corporate Banking and Capital Markets will be Bjarni Eyvinds Þrastarson, the current managing director of Investment Banking.

The division will operate four departments: securities- and FX brokerage, corporate finance, and corporate loans. Magnús Guðmundsson, current deputy managing director of Commercial Banking, will be deputy managing director of the new division and head of corporate loans. Vilhjálmur Vilhjálmsson will continue as head of FX brokerage.

Erlendur Davíðsson has been appointed as new head of corporate finance. Erlendur has substantial experience in financial markets reaching back to 2005. In the past years he has worked independently as a corporate finance advisor and before that among other things as fund manager and head of equity funds with Kvika asset management as well as a corporate finance advisor at Arion banki.

Baldur Stefánsson, managing director of corporate finance at Kvika banki, will resign his position in the coming weeks and intends to start his own business. A letter of intent has been signed to the effect that Kvika will be involved in the operation.