Bank of Finland offloads Setec stake

Bank of Finland offloads Setec stake

Finland's central bank has sold its remaining 40% stake in local smart card outfit Setec to private equity firm CapMan.

Setec develops and manufactures smart cards - including EMV-compliant debit and credit cards - and visual identity products as well as related operating systems and applications. The firm's main market areas are the Nordic and Baltic countries and Asia. Net sales totalled EUR50.7 million in 2002 and the group had 418 employees at year-end.

Timo Tiihonen, CapMan's senior advisor on the deal says: "Our objective is to further strengthen Setec's market position in the Nordic countries by focusing on the company's competitiveness and working in close cooperation with its customers."

The Bank of Finland sold a 60% stake in Setec in 1998 to The Finnish National Fund for Research and Development (Sitra), Finnish Industry Investment, Varma-Sampo Mutual Pension Insurance Company, Sampo Life Insurance Ltd and Fennia Life.

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