Íslandsbanki changes organisational structure

23.05.2017 - IR Releases

Íslandsbanki has changed its organisational structure. Effective today, three income-generating units will serve customers: Personal Banking, Business Banking, and Corporate & Investment Banking. The purpose of the changes is to adapt the Bank's organisational structure to customers' changed needs and provide them with better banking services. The changes will also strengthen the Bank's position with respect to major changes in regulatory provisions, and rapid technological advancements.

The role of Personal Banking is to provide customers with comprehensive banking services through digital channels and a modern nationwide branch network. Sigríður Hrefna Hrafnkelsdóttir is the new Managing Director of Íslandsbanki and will be head of Personal Banking. Sigríður is a lawyer with an MBA from Copenhagen Business School. She has worked as director of oil company Olíuverzlun Íslands' Retail Division.

Business Banking provides service to small and medium-sized enterprises in the Bank's branches, where business banking experts provide comprehensive financial services. Ergo, Íslandsbanki's asset based financing unit, is also part of Business Banking. The director of Business Banking is Una Steinsdóttir.

Corporate & Investment Banking provides comprehensive financial services to investors and large companies, including lending, securities and currency brokerage, corporate advisory services, private banking services, and sales of hedging instruments. The director of Corporate & Investment Banking is Vilhelm Már Þorsteinsson.

VÍB Asset Management will be transferred to other income-generating units within the Bank and to its subsidiary, IS Funds. There will be a change in emphasis in the Bank's research work, but there will still be a Chief Economist who will be responsible for the Bank's macro research.

The Bank's staff will be reduced by 20 because of the above changes.

Birna Einarsdóttir, Chief Executive Officer:
"In recent years, we have been simplifying our banking business, and now we are simplifying our organisational structure and adapting it to a changed environment. It is healthy for all companies to adapt their organisational structure, and this entails many opportunities. These changes will help Íslandsbanki to take advantage of these opportunities and strengthen the foundations for increased efficiency. We look forward to continued positive collaboration with our customers, where we will focus on even better service in a new and simpler organisational structure. "