Organizational changes at Arion Bank

According to Arion Bank’s new strategy it will remain a universal bank providing a wide range of services focusing on efficiency and well-defined service factors. A special emphasis will be placed on the Bank’s ability to fulfil the needs of those customers, private and corporate, who require extensive and diverse services. The Bank's competitiveness will be reinforced by focusing on efficiency and profitability in operations.

Changes have subsequently been made to the Bank’s organizational structure. The changes aim to simplify operations and increase synergies between divisions.

Four new managing directors have recently joined the Bank:

Helgi Bjarnason, an actuary, is the new managing director (Chief Operating Officer) of Operations, a new division within the Bank. Operations include IT, back office and human resources. Helgi has previously worked for Althjóda líftryggingafélagid, and most recently was CEO of Sjóvá-Almennar líftryggingar and deputy CEO of Sjóvá.

Hermann Jónasson is the new managing director of Corporate Development, a new division within the Bank. Hermann has a degree in law from the University of Iceland. He previously worked as a managing director at Tal (IP fjarskipti ehf.) and before that he was employed by Landbanki Íslands, first as head of securities services and special banking services, and later as managing director of sales and marketing.

Jónína S. Lárusdóttir is the new managing director of the Bank’s Legal division. Jónína has a master’s degree from the London School of Economics and Political Science (LSE) and a degree in law from the University of Iceland. In her last position, Jónína was permanent secretary of the Ministry of Economic Affairs. Jónína will start work in the Bank on 1 November.

Stefán Pétursson is the new managing director (Chief Financial Officer) of Finance, a division which has recently been restructured. Finance now incorporates Accounting and Treasury. Stefán has held a variety of managerial positions at Landsvirkjun and was managing director of the company’s finance division from 2002. Stefán has an MBA from Babson College in Massachusetts and a cand. oecon. from the University of Iceland.

Other managing directors at Arion Bank are:

Björk Thórarinsdóttir is the managing director of Corporate Banking and Capital Markets. Björk has a cand. oecon. from the University of Iceland. She started working for Búnadarbanki Íslands in 2001 and before that she worked in the finance sector in the US, Germany and France.

Gísli Óttarsson is the managing director (Chief Risk Officer) of Risk Management. Gísli has a degree in engineering from the University of Iceland and a doctorate from the University of Michigan. Gísli started work in Kaupthing’s Risk Management division at the beginning of 2006. Before that he worked in the field of engineering software in the US.

Halldór Bjarkar Lúdvígsson is the managing director of Corporate Finance. He holds degrees in engineering and computer science from the University of Iceland. Halldór started work for Kaupthing in 2005 and before that he held various managerial positions, including as director of Maritech.

Hermann Björnsson is the managing director of Retail Banking. He has a degree in law from the University of Iceland. Hermann joined Kaupthing in 2006. Before that he held various managerial positions at Íslandsbanki for about 15 years.

Margrét Sveinsdóttir is the managing director of Asset Management. Margrét has a cand. oecon. from the University of Iceland and an MBA from Babson College in Massachusetts. Margrét joined Arion Bank in 2009 and has more than 20 years’ experience in the Icelandic financial market, most recently working for Íslandsbanki.