Oberthur acquires Spanish bank card leader

Oberthur acquires Spanish bank card leader

Oberthur Card Systems has acquired Logica Impresora, currently ranked number one in the manufacturing and personalisation of banking cards in Spain and number nine worldwide in the shipment of Visa and MasterCard cards.

Oberthur says the Ffr66 million ($9.06 million) purchase gives it the leading position in banking in addition to its existing number one ranking in GSM across Spain and Portugal.

"The Spanish payment card market is an important market and this acquisition strengthens our reputation as the leader in EMV migration," says Xavier Drilhon, managing director for Oberthur Card Systems' SEMEA and Latin American region.

The Spanish banking sector is preparing for a mass migration to smart cards by 2003.

Oberthur says the move also provides an ideal platform from which to further penetrate the burgeoning South American market.

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