Bank of Åland Plc is a Finnish commercial bank and banking group with over 700 employees and operations in Åland, Finland and Sweden. The bank was founded in 1919 and was listed on the stock exchange in 1942. Its president and CEO is Peter Wiklöf.
History
Bank of Åland was founded in 1919 and has been listed on the Helsinki Stock Exchange since 1942. In the 1990s Bank of Åland expanded its operations to the Finnish mainland and in March 2009 the bank established itself in Sweden through the acquisition of the Icelandic Kaupthing Bank Sverige AB.
The acquisition of Kaupthing Bank Sverige AB
In October 2008 Kaupthing hf in Iceland was nationalized and the shares in the subsidiary Kaupthing Bank Sverige AB were taken by the Swedish National Bank as a pledge. In March 2009 Bank of Åland Plc acquired most of Kaupthing's Swedish activities.
Bank of Åland paid SEK 388 million for the companies Kaupthing Bank Sverige AB, Kaupthing Fonder AB and Alpha Management Company S.A, with a total balance sheet of SEK 5 billion and an equity of SEK 832 million. The acquisition included operations in private banking, wealth management