In March 2009 Bank of Åland Plc acquired most of Kaupthing's Swedish activities.

The acquisition included operations in private banking, wealth management and institutional equity trading.

The Swedish branch, Ålandsbanken Sverige, has private banking and asset management as its main business areas.

The branch offices in the Finnish mainland are located in Helsinki, Espoo, Turku, Pargas, Tampere and Vaasa.

The Swedish head office occupies six floors of the classic property Stureplan 19, built in 1893–1895, in central Stockholm.