Bank of Åland
Encyclopedia
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. President and CEO is Peter Wiklöf.
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 Iceland
ic Kaupthing Bank Sverige AB.
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
and institutional equity trading
. Most of the lending to companies was not included in the deal, but was transferred to its parent company Kaupthing hf. The liquidity support Kaupthing Bank Sverige AB received from the Bank of Sweden in autumn 2008 was repaid in full. Kaupthing Bank Sverige AB changed its name to Ålandsbanken Sverige AB.
and premium banking. The Swedish branch, Ålandsbanken Sverige, has private banking and asset management as its main business areas. It was converted from a subsidiary into a branch on Dec. 1, 2011.
Bank of Åland has 19 branch offices on the Åland Islands. The branch offices in the Finnish mainland are located in Helsinki
, Espoo
, Turku
, Pargas
, Tampere
and Vaasa
. In Sweden, the branch offices are situated in Stockholm
, Gothenburg
and Malmö
.
The Bank of Åland group includes wholly owned Crosskey Banking Solutions Ab Ltd, which is a Nordic provider of banking solutions with 150 employees and offices in Mariehamn
, Stockholm
, Helsinki
and Turku
. Other subsidiaries are Ålandsbanken Fonder AB, Ålandsbanken Fondbolag Ab, Ålandsbanken Asset Management Ab, Ålandsbanken Equities Ab, Alpha Management Company S.A. and Ab Compass Card Ltd Oy.
The group headquarters are located in Mariehamn
on the Åland Islands. The Swedish head office occupies six floors of the classic property Stureplan
19, built in 1893-1895, in central Stockholm.
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
commercial bank and banking group with over 700 employees and operations in Åland, Finland
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
and Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
. The bank was founded in 1919 and was listed on the stock exchange in 1942. President and CEO is Peter Wiklöf.
History
Bank of Åland was founded in 1919 and has been listed on the Helsinki Stock ExchangeHelsinki Stock Exchange
The Helsinki Stock Exchange is a stock exchange located in Helsinki, Finland. Since 3 September 2003 it has been part of OMX, referred to as OMX Helsinki . Since NASDAQ's acquisition of OMX in February 2008, the official name of the Helsinki exchange has been NASDAQ OMX Helsinki.- History :The...
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 Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
ic 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 Bank of SwedenSveriges Riksbank
Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and the world's oldest central bank. It is sometimes called the Swedish National Bank or the Bank of Sweden .-History:...
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
Swedish krona
The krona has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value...
5 billion and an equity of SEK
Swedish krona
The krona has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value...
832 million. The acquisition included operations in private banking
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
, wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
and institutional equity trading
Equity trading
In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as managed auctions...
. Most of the lending to companies was not included in the deal, but was transferred to its parent company Kaupthing hf. The liquidity support Kaupthing Bank Sverige AB received from the Bank of Sweden in autumn 2008 was repaid in full. Kaupthing Bank Sverige AB changed its name to Ålandsbanken Sverige AB.
Activity
Bank of Åland has 30 branch offices across Finland and Sweden and the number of retail and private banking customers is about 90 000. In Finland, Bank of Åland is a full service bank focused on private bankingPrivate banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
and premium banking. The Swedish branch, Ålandsbanken Sverige, has private banking and asset management as its main business areas. It was converted from a subsidiary into a branch on Dec. 1, 2011.
Bank of Åland has 19 branch offices on the Åland Islands. The branch offices in the Finnish mainland are located in Helsinki
Helsinki
Helsinki is the capital and largest city in Finland. It is in the region of Uusimaa, located in southern Finland, on the shore of the Gulf of Finland, an arm of the Baltic Sea. The population of the city of Helsinki is , making it by far the most populous municipality in Finland. Helsinki is...
, Espoo
Espoo
Espoo is the second largest city and municipality in Finland. The population of the city of Espoo is . It is part of the Helsinki Metropolitan Area along with the cities of Helsinki, Vantaa, and Kauniainen. Espoo shares its eastern border with Helsinki and Vantaa, while enclosing Kauniainen....
, Turku
Turku
Turku is a city situated on the southwest coast of Finland at the mouth of the Aura River. It is located in the region of Finland Proper. It is believed that Turku came into existence during the end of the 13th century which makes it the oldest city in Finland...
, Pargas
Pargas
Pargas is a former town and municipality in south-western Finland. On 1 January 2009, it was consolidated with Houtskär, Iniö, Korpo and Nagu to form the new town of Väståboland....
, Tampere
Tampere
Tampere is a city in southern Finland. It is the most populous inland city in any of the Nordic countries. The city has a population of , growing to approximately 300,000 people in the conurbation and over 340,000 in the metropolitan area. Tampere is the third most-populous municipality in...
and Vaasa
Vaasa
Vaasa is a city on the west coast of Finland. It received its charter in 1606, during the reign of Charles IX of Sweden and is named after the Royal House of Vasa...
. In Sweden, the branch offices are situated in Stockholm
Stockholm
Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
, Gothenburg
Gothenburg
Gothenburg is the second-largest city in Sweden and the fifth-largest in the Nordic countries. Situated on the west coast of Sweden, the city proper has a population of 519,399, with 549,839 in the urban area and total of 937,015 inhabitants in the metropolitan area...
and Malmö
Malmö
Malmö , in the southernmost province of Scania, is the third most populous city in Sweden, after Stockholm and Gothenburg.Malmö is the seat of Malmö Municipality and the capital of Skåne County...
.
The Bank of Åland group includes wholly owned Crosskey Banking Solutions Ab Ltd, which is a Nordic provider of banking solutions with 150 employees and offices in Mariehamn
Mariehamn
Mariehamn is the capital of Åland, an autonomous territory under Finnish sovereignty. Mariehamn is the seat of the Government and Parliament of Åland, and 40% of the population of Åland live in the city...
, Stockholm
Stockholm
Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
, Helsinki
Helsinki
Helsinki is the capital and largest city in Finland. It is in the region of Uusimaa, located in southern Finland, on the shore of the Gulf of Finland, an arm of the Baltic Sea. The population of the city of Helsinki is , making it by far the most populous municipality in Finland. Helsinki is...
and Turku
Turku
Turku is a city situated on the southwest coast of Finland at the mouth of the Aura River. It is located in the region of Finland Proper. It is believed that Turku came into existence during the end of the 13th century which makes it the oldest city in Finland...
. Other subsidiaries are Ålandsbanken Fonder AB, Ålandsbanken Fondbolag Ab, Ålandsbanken Asset Management Ab, Ålandsbanken Equities Ab, Alpha Management Company S.A. and Ab Compass Card Ltd Oy.
The group headquarters are located in Mariehamn
Mariehamn
Mariehamn is the capital of Åland, an autonomous territory under Finnish sovereignty. Mariehamn is the seat of the Government and Parliament of Åland, and 40% of the population of Åland live in the city...
on the Åland Islands. The Swedish head office occupies six floors of the classic property Stureplan
Stureplan
Stureplan is a high-end public square in central Stockholm, between Norrmalm and Östermalm. The square connects the major streets Kungsgatan, Birger Jarlsgatan and Sturegatan...
19, built in 1893-1895, in central Stockholm.
Ratios
- Revenue: EUR 74 million (2008)
- Net operating profit: EUR 20,0 million (2008)
- Total assets: EUR 2 770 million (2008)
- Risk-based capital ratio: 12,8 % (2008)
- Return on equity: 10,7 % (2008)
- Employees: 700+ (2009)
- Offices: 30
Awards
- Customer Index 2009 | Bank of Åland has the most loyal customers in Finland.
- Euromoney magazine Private Banking Survey 2009 | Bank of Åland is best in customer relations in Finland and the second best bank in Finland with private banking services
- Lipper Fund Awards 2008 | The Ålandsbanken Euro Bond mutual fund was named the best Nordic fund in its category