Organisational structure

Board of Directors

Þorsteinn Pálsson, Chairman of the Board

Þorsteinn Pálsson received a law degree from the University of Iceland in 1974. Mr. Pálsson was editor-in-chief of Fréttablaðið from 2006 to 2009. Previously, he served as Iceland's ambassador to Denmark (2003-2005) and the United Kingdom (1999-2002). He was elected to the Parliament of Iceland (Alþingi) in 1983. He was chairman of the Independence Party from 1983 to 1991, Minister of Finance from 1985 to 1987, and Prime Minister from 1987 to 1988. From 1991 to 1999 he served as Minister of Fisheries and Minister of Justice.

Jónas Hagan Guðmundsson

Jónas Hagan Guðmundsson received a BS in Political Science and International Business from Wake Forest University in North Carolina in 1992 and graduated from the Young Managers Programme at INSEAD in France in 2000. He is a partner at Varða Capital ehf. He served as director and member of the board of Fintrax Group Holdings Ltd.  from 2013 to 2014. He founded Tax Free Worldwide Ltd. in 2001 and served as its director and CEO until 2013. He founded Global Blue in Iceland in 1996 and was CEO of Global Blue in Denmark in 2000. 

Inga Björg Hjaltadóttir

Inga Björg Hjaltadóttir graduated from the University of Iceland in 1995 with a law degree and was admitted to the bar as a District Court Attorney in 2003. She is a partner at Acta Law Firm and Attentus Human Resources and Consultants, and has been a lecturer at Bifröst University and Reykjavik University. Inga Björg was a department lawyer at the City of Reykjavík's Office of Human Resources from 1996 to 1999 and served as Director of Human Resources in 1999. Thereafter, she was Director of Career Development at Eimskip Iceland (1999-2003) and worked at DP Law Firm (2003-2006). Inga Björg has been a board member at Límtré Vírnet, E-Farice, and Smellinn. She was an alternate member of the Icelandic Labour Court appointed by the Ministry of Finance from 2006 to 2010 and has served as a Labour Court Judge since 2011.  

Hrönn Sveinsdóttir

Hrönn Sveinsdóttir graduated from the University of Iceland with a Cand. Oecon in 1992.  Hrönn joined Vodafone Iceland (Fjarskipti hf.) in 2005 and serves as Managing Director of Finance and Operations. Before joining Vodafone Hrönn worked for Toyota Iceland (P. Samúelsson hf.) from 1992, starting as Head of Finance and Accounting and later taking on the role of Managing Director of Finance and Human Resources from 1999. Hrönn has served on the board of various firms among which Almenni lífeyrissjóðurinn, Húsasmiðjan, Farice and P/F Kall in Faroe Islands.

Guðmundur Þórðarson

Guðmundur Þórðarson graduated from the University of Iceland with a business degree, Cand Oecon. in 1997 and is a certified broker. Guðmundur has been managing his own investments since 2007, before he worked in the financial sector from 1997. He served as Managing Director of Corporate Finance at Straumur Investment Bank from 2003 and prior to that he served at Íslandsbanki, in Development and later in Corporate Finance, and at Landsbréf in Asset Management. 

Alternate Board Members

  • Kristín Guðmundsdóttir
  • Pétur Guðmundarson

Organisational chart

Management team

Ármann Þorvaldsson, CEO
Armann Thorvaldsson joined Kvika as CEO in June 2017. Mr. Thorvaldsson has worked in the financial markets for over twenty years. From 1997 until 2005 he was Head of Corporate Finance at Kaupthing and in 2005 until 2008 he was CEO of Kaupthing Singer & Friedlander in London. Later Mr. Thorvaldsson worked at Ortus Secured Finance in London until 2015 when he joined Virding. Mr. Thorvaldsson headed up Virding´s Corporate Finance division before joining Kvika. Mr. Thorvaldsson has an MBA degree from Boston University and a BA degree in history from the University of Iceland.

Magnus Ingi Einarsson, Managing Director - Finance and Operations

Magnús Ingi Einarsson has over ten years' experience in the financial markets. He joined Risk Management at Kvika (then Straumur-Burdaras) in 2006 and headed the Bank's credit risk from 2009. Mr. Einarsson was Head of Risk Management and later Head of Treasury at Straumur Investment Bank from the bank's establishment until the end of 2014. Since that time, he has served as Managing Director of Finance and Operations. He holds a B.Sc. degree in Mechanical Engineering from the University of Iceland and an M.Sc. degree in Mechanical Engineering from Virginia Polytechnic and State University. 

Bjarni Eyvinds, Managing Director - Capital Markets 

Bjarni Eyvinds joined Kvika (formerly MP banki) in 2009, after serving as Senior Vice President of Equity sales in Straumur Investment Bank from 2007 to 2009. Prior to joining Kvika, Mr. Eyvinds worked for Reykjavik Savings Bank, MP banki, Islandsbanki, and Straumur Investment Bank. He graduated from the George Washington University with a BBA degree in 2002 and is a certified securities broker.

Magnús Bjarnason, Managing Director - Corporate Finance 

Magnús Bjarnason joined Kvika in June 2015. He was the CEO of Icelandic Group from 2012 to 2014 and Managing Director of Market and Business Development at Landsvirkjun from 2010 until 2012. He served as Managing Director of the International Division of Islandsbanki (Glitnir) and its US subsidiary, Glitnir Capital Corporation, in 2005 until 2008. Mr. Bjarnason was Iceland's Trade Representative and Consul General in New York in 1997 until 2003 and served as Deputy Ambassador to China in 2003 until 2005. He is on the board of American Scandinavian Foundation in New York, the Icelandic Chamber of Commerce, and Carbon Recycling International. Mr. Bjarnason has an MBA from the Thunderbird School of Global Management and a B.Sc. from Nova Southeastern University, with emphasis on banking and finance. 

Ásgeir H. Reykfjörð Gylfason, Managing Director - Corporate Banking

District Court Attorney Ásgeir H. Reykfjörð Gylfason joined Kvika (formerly MP banki) as General Counsel in October 2012 and is currently Managing Director of Corporate Banking. He previously worked as an attorney at LOGOS Legal Services and lawyer at Straumur Investment Bank for several years. Mr. Gylfason is on the faculty of Reykjavik University.

Dr. Sigurður Hannesson, Managing Director - Asset Management

Sigurður Hannesson joined Kvika (formerly MP banki) in January 2013. He served as Managing Director of Jupiter Capital Management hf., a subsidiary of Kvika in 2010 until 2013. Previously, he worked at Straumur Investment Bank in Capital Markets from 2007, inter alia heading the derivatives desk. Dr. Hannesson has been a senior advisor to the Icelandic Government in two projects, liberalisation of capital controls (2015) and general write down of household debt (2013). Hannesson holds a D.Phil in mathematics from University of Oxford and is a certified securities broker.

Press centre

The following contacts provide information regarding the Bank's operations:

General information and press relations

Shareholders and Board of Directors

  • Þorsteinn Pálsson, Chairman of the Board
  • Tel. +354 540 3200

Kvika logo

Kvika's logo in jpg format.

Photo of the Chairman of the Board