Icebank - Changes board/management/auditors

Two new managing directors appointed at Icebank - Investment Banking becomes new profit centre

In connection with the changed focus in Icebank's operations, the organisation
of the Bank has been changed. A new profit centre, Investment Banking, has been
added. Investment Banking will provide Icebank's customers with services
relating to sales and acquisitions of businesses in Iceland and abroad,
focusing on investment opportunities in Eastern Europe. Also, the Bank's
Operations division has been split up, and a new division, Finance and
Information Technology, as been introduced. 


Adalsteinn Jóhannsson has been appointed Managing Director of Icelank's
Investment Banking division. Adalsteinn was one of the two founders of Behrens
Corporate Finance hf, which Icebank acquired last autumn. Behrens Corporate
Finance has in recent years carved out a foothold for itself in advisory
services in sales and acquisitions of companies in Iceland and the Baltic
States, where the company has been among the leading players. Prior to the
establishment of Behrens Corporate Finance hf., Adalsteinn's career included
work as investment manager at the Iceland Software Fund. Adalsteinn graduated
as a business economist from the University of Reykjavik in 2001. 

Sveinn Andri Sveinsson has been appointed Managing Director of Icebank's
Finance and IT division. Sveinn Andri has been managing director of Hands
Holding hf. since December 2006, a holding company in the IT sector with
business activities in five countries. Before joining Hands Holding, Sveinn
Andri was Chief Financial Officer at EJS, an IT company, and part of that time
he served as CEO of EJS Group. Sveinn Andri was Chief Financial Officer at the
media company Nordurljós and the Icelandic Broadcasting Company from 1996. 
Before that time, he worked at KPMG and the Connecticut Bank and Trust and
taught at the Iceland Commercial College. Sveinn Andri is a business economist
and graduated from the Faculty of Economics and Business Administration of the
University of Iceland in 1988, majoring in accounting. 


For further information, please contact:
Agnar Hansson, Icebank CEO, tel. +354 840 4140.