Key Developments: Bank of Aland Plc (ALBBV.HE)
7.67EUR
18 Jun 2013
€0.04 (+0.52%)
€7.63
€7.65
€7.68
€7.65
1,434
1,435
€9.00
€6.95
Latest Key Developments (Source: Significant Developments)
Bank of Aland Plc Appoints Nils Lampi as New Chairman; Appoints New Auditors
Bank of Aland Plc announced that the Chairman of the Board of Directors of the Company, Kaj-Gustaf Bergh has declined reelection at the Annual General Meeting of the Company held on April 18, 2013. At the statutory meeting of the Board on April 18, 2013, Nils Lampi was elected as new Chairman. The Company also announced that Pauli Salminen, Birgitta Immerthal and Mari Suomela, Authorized Public Accountants (CGR) were elected as new auditors. The firm of KPMG Oy Ab, Authorized Public Accountants (CGR), with Kim Jarvi, Authorized Public Accountant (CGR) in charge, was elected as the new deputy auditor. Full Article
Bank of Aland Plc Issues FY 2013 Earnings Guidance
Bank of Aland Plc announced that for the fiscal year 2013, it expects to report positive operating profit and positive net profit. Full Article
Bank of Aland Plc Announces Details on FY 2012 Dividend
Bank of Aland Plc announced that its Board of Directors proposes fiscal year 2012 dividend of EUR 0.15 per share. The proposed record date for the dividend payment is April 23, 2013 and the dividend payment date is April 30, 2013. Full Article
SRV Yhtiot Oyj Sells Apartments to Bank of Aland Plc's New Housing Fund
SRV Yhtiot Oyj announced that it has sold 20 apartments to Bank of Aland Plc's new housing fund. Apartments are part of SRV Yhtiot's housing projects located in Jyvaskyla, Pirkanmaa and Helsinki metropolitan area. At the beginning of 2013, Bank of Aland launched a new fund aimed at private investors. To date the fund has already acquired 280 rental apartments for its portfolio. Fund units can be subscribed and redeemed four times a year. Realia Management Oy, a nationwide company, is responsible for leasing the residential units. Financial details of the transaction were not disclosed. Full Article
YIT Oyj Sells Apartments in Helsinki Region and Growth Centers to Bank of Aland Plc's Housing Fund
YIT Oyj announced that YIT and Bank of Aland Plc'c new housing fund have signed an agreement on the sale of 221 apartments in the Helsinki region and other growth centers in Finland. The value of the agreement is approximately EUR 43 million. Full Article
Bank of Aland Plc Proposes FY 2012 Dividend of EUR 0.15 per Share
Bank of Aland Plc announced that its board of Directors proposes fiscal year 2012 dividend of EUR 0.15 per share. For fiscal year 2011, the Company paid no divined. Full Article
Financial Supervisory Authority Issues Public Warning to Bank of Aland Plc
The Financial Supervisory Authority (FIN-FSA) announced that it issued a public warning to Bank of Aland Plc for omissions concerning the custody of customer assets and compliance with the provisions for ensuring the functionability of internal control. According to FIN-FSA's inspection findings, the Company had, from autumn 2009 to November 2011, entered customers' book-entry securities in its own book-entry accounts, instead of in nominee-registered commission accounts. The Company’s all customer stock exchange transactions subject to CCP clearing circulated via one such account. The financial instruments were legally in the Company’s ownership. In the event of the Company’s insolvency, the erroneous practice would have at least delayed the return of the ownership of the financial instruments to the customers. FIN-FSA considers obligation to keep customer assets separate from an investment service provider’s own assets to be such a key aspect of investor protection that a public warning is a sanction proportionate to the failure to comply with the obligation. Owing to the seriousness of the error, unprompted rectification of the error as proposed by the Company does not remove the possibility to issue an administrative sanction. The custody, handling and clearing of financial instruments must be arranged in a dependable manner so that there is no danger of mixing the financial instruments with the Company’s own funds. The Company may appeal the decision within 30 days. Full Article
Standard & Poor's Rating Services Affirms Ratings for Bank of Aland Plc
Standard & Poor's Rating Services announced that it has affirmed credit ratings for Bank of Aland Plc at 'BBB' and 'A-3'. The outlook is negative. Full Article
Bank of Aland Plc Updates on FY 2012 Net Operating Profit Guidance
Bank of Aland Plc announced that it has changed its fiscal year 2012 net operating profit guidance. The Company announced that the weak economic situation affects the payment capacity of customers, which increases the risk of loan losses. This is especially clear in the shipping industry. The efficiency-raising measures that have been implemented and planned will mean approximately EUR 10 million in lower annual expenses compared to a year ago, once they achieve their full effect, which is expected to occur by the end of 2012. Their effect in 2012 is estimated at approximately EUR 7 million, excluding restructuring expenses. This expense reduction will be partly offset by contractual pay hikes and other increases in expenses. In EUR terms, the appreciation of the Swedish krona increases the reported expenses in Swedish operations. Restructuring expenses in the range of EUR 1 million will be charged to the fourth quarter of 2012 financial statements. The Company expects capital gains from divestments of assets. These include EUR 13 million from the divestment of the Swedish company. The Company also intends to adjust certain interest rate terms in such a way that they better reflect prevailing market conditions. If loan losses remain within forecasted limits, these circumstances and expectations will together lead the Company to report a positive net operating profit in 2012 (the forecast has been changed). Full Article
Bank of Aland Plc Announces End of Cooperation Negotiations at Crosskey Banking Solutions Ab Ltd and at Company's Swedish Branch; to Cut Jobs
Bank of Aland Plc announced that its wholly owned subsidiary Crosskey Banking Solutions Ab Ltd announced on September 6, 2012 labor negotiations and possible cutting of approximately 20 jobs. The negotiations have been completed. In addition, labor negotiations have been conducted and completed within the Company's Swedish branch. In total, the Group's staff will be reduced by approximately 30 full-time employees, of which approximately 20 is at Crosskey. Restructuring costs of approximately EUR 1 million will be charged to the Group's results for the fourth quarter of 2012. Full Article
BRIEF-Bank of Aland says 2012 result improved clearly
HELSINKI, Jan 21 - Bank of Aland Plc : * says 2012 result improved clearly from 2011 * says 2012 operating profit 10 million euros (Reporting by Helsinki Newsroom)
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