UK subsidiary of Kvika banki hf, a Nasdaq Main Market-listed bank

Hafsteinn Hauksson has been appointed Chief Economist of Kvika. Hafsteinn has significant experience in global financial markets, having been a member of the Kvika investment team in London since 2019, where he is frequently sought as commentator on global macroeconomic developments. Hafsteinn will continue to be based in Kvika’s London office.

Hafsteinn earned an MSc degree in Finance and Economics from the London School of Economics in 2015 and holds a BSc degree in Economics from the University of Iceland.

Since completing his postgraduate studies, Hafsteinn has been based in London where he was an Associate with market leading sovereign advisory Newstate Partners before joining GAMMA Capital Management Ltd as an Economist.

Prior to relocating to London, Hafsteinn held a role as Senior Economist with Arion Bank Research in Reykjavik, as well as having spent a number of years as a journalist covering economics and financial markets, including close to two years as a broadcast journalist for Channel 2 evening news in Reykjavik.

Hafsteinn Hauksson has been appointed Chief Economist of Kvika.

Hafsteinn Hauksson Chief Economist of Kvika

The Board of Kvika Securities Ltd. (KSL) has appointed Richard Beenstock as the new CEO of KSL.

Richard Beenstock, who graduated from the University of Birmingham and is a Chartered Accountant, has over 20 years of experience in the UK financial markets in lending and investment activities. In 2013, Richard co-founded among others Ortus Secured Finance, an alternative credit provider specialising in property backed lending, that was later acquired by KSL and was its CEO until September 2023.

Gunnar Sigurdsson, who previously held the position, has requested to resign from KSL. Gunnar has led the development of Kvika's UK operations since its establishment in 2017. He will continue to carry out certain tasks for KSL and support the Company during the management change.

Richard Beenstock new CEO of Kvika Securities Ltd.

The Board of Directors of Kvika banki hf. („Kvika“ or „the bank“) and the bank‘s CEO, Marino Orn 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 Armann Thorvaldsson as the bank’s CEO, effective as of today. Armann 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. Armann graduated with an MBA degree from Boston University in 1994 and has an BA degree in history from the University of Iceland.

“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 ofhow 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 manyopportunities 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 isthat 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.”

Sigurdur Hannesson, chairman of the Board of Kvika:

"Kvika has grown stronger since Marino 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 Marino 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 Armann Thorvaldsson as CEO of the bank. Armann immediately assumes the position as CEO, but few people are as well aware of Kvika's operations as him. Armann'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."

“I am very excited to be taking over as the CEO of Kvika from Marino, 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.”

The Board of Kvika banki has engaged Armann Thorvaldsson as the bank’s CEO, effective as of today.

Armann Thorvaldsson new CEO of Kvika banki

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„Kvika UK provides bespoke equity and debt solutions to lower mid-market companies and investors, driving growth, acquisitions, and long-term value creation“

News

Hafsteinn Hauksson Chief Economist of Kvika

18 January 2024

Richard Beenstock new CEO of Kvika Securities Ltd.

6 December 2023

Armann Thorvaldsson new CEO of Kvika banki

20 August 2023

Kvika Securities Ltd.