Owners of PBS and Nordito approve merger

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05/01/2010

Press release

The owners of Norwegian company Nordito AS, which consists of BBS and Teller, and Danish company PBS Holding A/S have recently approved the merger of the two companies at extraordinary general meetings.

Since the publication of the declaration of intent for the merger on 24 September 2009, the aim was to obtain final approval for the merger during 2009 and this took place as planned just before the end of the year.

There only remains for a few official approvals for the merger to be obtained, following which PBS, BBS and Teller will form a new group. Until these approvals have been obtained, which is expected to be during the spring, the companies will continue to operate separately.

About Nordito
Nordito AS is a financial holding company that is owned by Norwegian banks and has BBS and Teller as subsidiaries. The largest shareholders in Nordito are DnB NOR ASA, Nordea Bank Norge ASA, Fokus Bank, banks in the SpareBank 1 Alliance and savings banks in Terra Gruppen. Nordito AS was founded in 2007.

About BBS AS
BBS is owned by Nordito AS and is a leading supplier of electronic security and payment and information services. BBS was founded in 1972 and since then has successfully delivered a large number of effective payment services of major national importance in Norway. In 2008, BBS had a turnover of NOK 1.7 billion. Following the acquisition of Sagem Denmark and Sagem Manison Finland in June 2009, BBS now employs more than 1,000 staff across offices in Norway, Sweden, Denmark and Finland. The head office is located in Oslo, Norway.

About Teller AS
Teller is a Norwegian financial institution owned by Nordito AS. Teller was founded in 1977 as Visa Norge and has made a major contribution to building up the Norwegian market for international payment cards. Today Teller plays a prominent role within the acquiring of international payment cards in Norway and is also a key supplier of services to card issuers. Last year, Teller had a turnover of NOK 800 million. Teller employs 194 staff and has offices in Oslo and Stockholm.

About PBS A/S
PBS A/S is a leading full-service supplier of electronic payment solutions. PBS’ primary business areas are payment cards and payment and information solutions. PBS provides one of the world’s most state-of-the-art payment platforms and delivers unique payment solutions to companies operating in Europe. PBS A/S is the fifth-largest card processor and the eighth-largest card acquirer. PBS A/S has 930 employees and has offices in Denmark, Sweden and Norway. The company is owned by a number of Danish banks and Denmark’s central bank. In 2008, the PBS Group had a turnover of DKK 2.5 billion.