SOURCE: Islandsbanki

March 06, 2006 08:54 ET

Íslandsbanki Focuses on the Global Energy Market

Icelandic Govt. Minister Takes on New Role as Director of Corporate and Investment Banking in Íslandsbanki

REYKJAVIK, ICELAND and OSLO, NORWAY -- (MARKET WIRE) -- March 6, 2006 -- Árni Magnússon has been hired as Director at Íslandsbanki's (ISB) Corporate and Investment Banking Division with responsibility for Energy. Magnússon, who up until now served the Icelandic government as Minister of Social Affairs, will lead the bank's Center of Excellence in sustainable energy, a sector in which Íslandsbanki plans to grow internationally, to become one of the world's leading financial institutions.

Íslandsbanki, which operates with Iceland and Norway as home markets, is a leading global niche player in three sectors: Food/seafood, offshore supply/shipping and sustainable energy. In the past, the bank has participated in a number of projects in this field, both in Iceland and abroad.

"Árni Magnússon will strengthen the bank's expansion in the energy sector in general and renewable energy in particular," said Bjarni Ármannsson, CEO of Íslandsbanki. "We are very pleased to welcome Árni to the bank. His knowledge and experience in international trade and negotiations will benefit the bank greatly as we expand in this field. Our plan is to grow fast in this sector and become one of the world's leading banks with regards to consulting and financing for renewable energy and geothermal projects, a field in which Icelanders can provide valuable insight and experience. Hiring Árni will strengthen the bank's position abroad, and his leadership capabilities will contribute substantially to the bank's ability to consolidate the sustainable energy team, while taking on large and demanding projects."

"With Árni Magnússon on board, we have taken an important next step on the way to becoming a leading global player in the energy field. This is a great day for the entire Íslandsbanki, ISB, community," said Jón Didrik Jónsson, Managing Director for Íslandsbanki's Corporate and Investment Division, which is responsible for investment banking activities and operations in markets outside Iceland and Norway.

Árni Magnússon was born in Reykjavik June 4, 1965. Since he received his a diploma from Bifröst, School of Business in 1983, Magnússon has also completed additional seminars in management, business management and political science from the University of Iceland and the University of Akureyri. From 1983-1987, Magnússon started out his career in various office positions. From 1987-1994 he worked as reporter, journalist and anchorman in radio and television and with several newspapers and magazines. Magnússon proceeded to serve as political assistant to the Minister of Industry and Commerce 1995-1999 and to the Minister for Foreign Affairs 1999-2001. From 2001-2003, he was Managing Director for the Progressive Party. Since 2003, Árni Magnússon has been a member of the Icelandic Parliament (Althingi) and has served as Minister of Social Affairs in the Icelandic Government.

For comments from Árni Magnússon regarding his new position as Director in Íslandsbanki's Corporate and Investment Banking Division with responsibility for Energy, please contact Pétur Óskarsson, mobile +354 844 4990, e-mail:

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About Islandsbanki:

Islandsbanki (ISB) is a leading Iceland-based financial group that offers universal banking. The bank's home markets are Iceland and Norway. The bank has an office in Denmark, a branch in London and is the sole owner of two banks in Norway (BNbank and KredittBanken) and one in Luxembourg. Íslandsbanki is listed on the Iceland Stock Exchange (Kauphöll Íslands). Íslandsbanki has a market capitalisation of approximately EUR 3.3 billion. Total assets at year-end 2005 were EUR 19.7 billion. Íslandsbanki announced record profits of EUR 244 million for 2005. In Norway, Íslandsbanki hf. owns BNbank, KredittBanken, Norse Securities, Norse Kapitalforvaltning and the factoring company FactoNor. Íslandsbanki also owns 50.1 percent of the shares in the UNION Group (government approval pending) in Norway. Íslandsbanki Group has a total of 1200 employees. For more information see:

Contact Information

  • Press contacts:
    Bjarni Ármannsson
    Chief Executive Officer, CEO
    mobile +354-440-4002
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    Bjørn Richard Johansen
    International Communications and Public Affairs Director
    mobile +47-47 800 100
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