Arion Bank hf.: CEO of Arion Bank steps down

Höskuldur H. Ólafsson has resigned as CEO of Arion Bank. The Board of Directors and Höskuldur have reached an agreement whereby he will continue as CEO until the end of this month.

Höskuldur H. Ólafsson, CEO of Arion Bank:

"It is now 9 years since I joined Arion Bank. It is fair to say that the work we have carried out during this time has been highly diverse. In the first few years, the main task was to work with our customers, both corporate and households, to resolve their debt problems in the wake of the financial crisis. At that time the percentage of problem loans at the Bank was well in excess of 50%. Today, the figure is comparable to benchmark banks in our neighbouring countries. This was followed by a period of transformation, and today Arion Bank has a clear vision for the future, a dedicated team of employees and is the leading developer of financial services in Iceland. After a highly successful international IPO last year, the Bank was listed on the stock market in Iceland and Sweden, and today the Bank's shareholder base is well diversified between domestic and international investors. The Bank is financially robust, with strong core operations and is well positioned for the future. I believe this is the right time to pass on the baton."

Brynjólfur Bjarnason, Chairman of the Board of Directors:

"I would like to thank Höskuldur for his vital role in the growth and development of Arion Bank over the last nine years. His leadership and steadfastness have proven invaluable to the Bank in facing various challenges in his time at the helm. We on the Board of Directors respect his decision that now is a good time for him to step down. Höskuldur leaves behind a good bank which occupies a strong position on its markets. On behalf of the Board of Directors I would like to thank Höskuldur for his important contribution to the Bank."

Contacts:

Sture Stolen, head of Arion Bank's investor relations, at [e-mail].
Haraldur Guðni Eiðsson, head of Arion Bank's Corporate communications, at [e-mail], tel. [phone].

Arion Banki hf. is obliged to disclose this information pursuant to EU Regulation No. 596/2014