PBS Holding, a Danish e-payments firm and Nordito, have signed a letter of intent to merge their operations in the 1st quarter of 2010. The purpose of the merger is to become a North European supplier of payment, card and information solutions.
In connection with the signing of the Letter of Intent the companies have agreed on the following main points of the new company: Chairman will be Peter Lybecker of Nordea Bank Denmark. Top management will consist of Rune Fjeldstad as CEO and Flemming Jensen as Deputy CEO (current CEO of PBS). The head office will be located in Copenhagen – with business centers in Oslo, and local offices in Stockholm, Helsinki and Tallinn. The new company’s business areas will be cards, payments, financial acquiring, merchant solutions and eSecurity.
Reportedly, besides being an attractive partner for European financial institutions and businesses, the new company also has a stronger partner for existing customers, in that it will be able to support their businesses, nationally as well as in the Nordic and European markets. The company is expected to continue as a focal point for the joint development of the payment infrastructure in both Denmark and Norway.
Mr. Lybecker, CEO of PBS, said: “To continue to be competitive and innovative, it is imperative that companies in the cards and payment area is consolidating. PBS and BBS are already working through the NETS (Northern European Transaction Services), and PBS has also offices in Sweden, Norway and Estonia. By combining the skills of the three companies we are an even more attractive and competitive supplier and collaborator in payment. ”
Mr. Fjeldstad, CEO of Norditos, said: “Pay and information industry is constantly changing. Market drivers are technological advances, regulatory frameworks and changes in customer preferences. The merger gives all parties a fantastic opportunity to further develop their position on the international market. ”
Nordito is a financial holding company with BBS and Teller as subsidiaries.
