Volume is the game in payments, a
reality that has prompted Pengeinstitutternes BetalingsSystemer
(PBS) and Nordito, two major players in the Nordic region’s
payments market, to strike a deal that will see them merge in the
first quarter of 2010.
“In order to remain competitive and innovative, it is vital for
companies in the cards and payments arena to consolidate volumes,”
said Peter Lybecker, PBS’s chairman and deputy chairman of Nordea,
Denmark’s second-largest bank.
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Founded in 1968 and owned by Danish banks and the country’s central
bank, PBS operates nearly all electronically-based payments
available to Danish bank customers. Employing 930 people, PBS
processed 2.6 billion card transactions and 189 million direct
debit transactions in 2008. PBS reported revenue of DKK2.5 billion
($395 million) in 2008.
Nordito, created in 2007 as holding company of independent payments
service providers BBS Handel and Teller, has as its major
shareholders Norway’s largest bank DnB NOR, Nordea’s Norwegian unit
and Fokus Bank, the Norwegian unit of Danske Bank, Denmark’s
largest bank.
Established in 1972, BBS plays the central operational role in
Norway’s banking industry’s common payment infrastructure. In
recent years BBS has looked beyond this role with strategic moves
including formation in 2007 of a joint venture with PBS, Northern
European Transaction Services, which undertakes Nordea’s card
transactions processing in Denmark, Norway and Sweden.
Further strengthening its position in the Nordic region, BBS
acquired French electronic POS specialist Ingenico’s Swedish unit
in 2006 and Norwegian and Finnish units in June 2009.
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By GlobalDataIn 2008 BBS, which employs over 1,000 people, reported revenue of
NOK1.7 billion ($292 million) and handled 1.5 billion transactions
valued at a total of NOK61.8 trillion.
Rounding off the soon to be merged companies’ position in the cards
market, in Norway Teller has a dominant position in card issuing
services and is the leading acquirer of international card
transactions. In 2008 Teller, which has 188 employees, reported
turnover of NOK800 million.
