Finland-based Bank of Aland (Alandsbanken) has signed an agreement to merge with its subsidiary Alandsbanken Asset Management in the first half of this year.
The merger, which is approved by the boards of both companies, will not affect its 2014 income statement or balance sheet.
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The merger is intended at boosting the Bank of Aland Group’s earnings per share and return on equity after taxes (ROE) this year.
In 2014, Bank of Aland initiated a project to coordinate the bank’s asset management units in Finland and Sweden.
Also, Bank of Aland has appointed Stefan Gothenby as chief investment officer (CIO), while Jonny Sundstrom, Alandsbanken Asset Management’s CIO and head of fixed income, has been named as head of fixed income and Albert Haeggstrom has been nmaed as the bank’s head of equities.
In Finland, Christian Wetterstrand, managing director of Ålandsbanken Asset Management has been named as head of the newly coordinated private banking unit and Maria Bernas-Hilli, general manager has been appointed as assistant head of the unit.
