Gunnar Sigurðsson has requested to resign as Managing Director of Kvika Securities Ltd. in London ("KSL" or the "Company"), a subsidiary of Kvika banki hf. ("Kvika" or the "Bank"). Alongside his resignation Gunnar will leave the Executive Committee of Kvika group and the number of positions in the Executive Committee will also be reduced by one.

The Board of KSL has appointed Richard Beenstock as the new Managing Director of Kvika Securities Ltd.

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, 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.

Ármann Þorvaldsson, CEO of Kvika banki:

"I would like to take this opportunity to thank Gunnar Sigurðsson for great cooperation over the years. Gunnar joined Kvika in 2015 and has been KSL's Managing Director since the start of its operations in 2017. At that time, he was the Company's only employee but under his leadership, a major development has taken place in the UK, in lending, asset management and corporate advisory. KSL and its subsidiaries now have over 30 employees.

It is a pleasure to be able to announce that Richard Beenstock will take over as KSL's Managing Director and lead the Company's continuing development. Richard knows Kvika well. He is a great manager and has extensive experience and knowledge to take advantage of our opportunities in the UK."