The Boards of Directors of Kvika banki hf. (Kvika), TM hf. (TM) and Lykill fjármögnun hf. (Lykill) approved the merger of the three companies. Under the merger agreement approved, TM will transfer its insurance operations to its subsidiary, TM tryggingar hf. This will be followed by a tripartite merger of Kvika, TM and Lykill. TM tryggingar hf. will subsequently become a subsidiary of the merged company. The Boards of Directors of the companies agree on the structure and organisational chart of the merged company. Kvika's Finance and Operations division will be divided into two divisions following the merger. Ragnar Páll Dyer will be Managing Director of Finance while Ólöf Jónsdóttir, currently CEO of Lykill, will commence work for Kvika as Managing Director of its Operations and Development Division.