30 April 2017
Find out more

Nets agrees takeover of Finland's Luottokunta

14 August 2012  |  7677 views  |  0 marina congress center helsinki.

Nets, the payments company owned by Danish and Norwegian banks, has agreed to acquire Luottokunta, the leading card payment service provider in Finland.

Nets - established through a merger in 2010 of Danish PBS Holding A/S and Norwegian Nordito AS - says the acquisition will create a Nordic powerhouse capable of extending its reach across European payment markets.

In 2011, sales generated by cards under Luottokunta's Visa and MasterCard schemes totalled about EUR36 billion. The company, co-operatively owned by local banks and merchants, employs a staff of 500 from its headquarters in Helsinki.

Nets, which employs over 2200 people and has its registered office in Copenhagen, says that under the terms of the deal Luottokunta will change its name and become a fully integrated part of the Nets Group, while its offices will remain in Helsinki.

Mette Kamsvåg, CEO of Nets, comments: "The acquisition of Luottokunta brings Nets vital additional competencies that will strengthen our position not only in the Finnish market but also in Europe as a whole. The acquisition will make us an even stronger partner for our Nordic customers in supporting their business both nationally and internationally. We need this strength to be able to accompany our customers on their journey into new markets."

The deal is subject to approval from the Finnish Financial Supervisory Authority and by the general meeting of Nets. Financial terms were not disclosed.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

PBS, BBS and Teller merge to create Nordic payments giant

PBS, BBS and Teller merge to create Nordic payments giant

09 September 2010  |  9556 views  |  0 comments
Logica wins IT services deal with Finland's Luottokunta

Logica wins IT services deal with Finland's Luottokunta

02 September 2010  |  7526 views  |  0 comments
Finland's Luottokunta signs application outsourcing deal with Accenture

Finland's Luottokunta signs application outsourcing deal with Accenture

01 September 2009  |  6005 views  |  0 comments
PBS and BBS merge card processing operations

PBS and BBS merge card processing operations

16 March 2007  |  10047 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.comFind out morevisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
JPMorgan formally quits R3JPMorgan formally quits R3
8501 views comments | 27 tweets | 16 linkedin
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
8426 views comments | 18 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7781 views comments | 19 tweets | 18 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6518 views comments | 22 tweets | 21 linkedin
UBS moves risk platform to Microsoft Azure cloudUBS moves risk platform to Microsoft Azure...
6447 views comments | 11 tweets | 21 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job