Danske Bank and Nets enter card acquiring in Latvia and Lithuania

Press release 03-09-2014

Danske Bank has chosen Nets as partner for entering the card acquiring markets in Latvia and Lithuania.

Danske Bank and Nets have more than 40 years of strategic partnership around cards and payments processing in the Nordic countries and Estonia. This partnership was expanded on 23 December 2013, when Danske Bank Estonia signed an agreement to expand its card acquiring business into Latvia and Lithuania, and Nets was chosen to deliver the solution.

Danske Bank went live in Lithuania by end of March 2014 and in Latvia during July 2014. The first merchants have already started using the services and Nets looks forward to welcoming many more in the future.

Danske Bank chose Nets as a strategic supplier, because Nets is able to deliver a complete cross border solution, which is harmonized across the Baltic countries. After a thorough process including price and cost studies Danske Bank chose Nets, who is able to create a Pan-Baltic pricing model that takes the cost of card processing to a completely different level from existing suppliers.

"In cooperation with Nets, Danske Bank can now offer a harmonized and single platform based card acquiring service to our customers, as the first one in the market. The new service helps to save money on less complexity and easy administration of doing business and on the other hand improves visibility across the Baltic countries. Danske Bank offers full scale of banking services to local and international corporate customers," says Head of Cards Danske Bank Estonia Virgu Kirss.

"The agreement with Danske Bank is very important for Nets, as it marks a very clear milestone in our Baltic expansion strategy, where Nets now is present in all Baltic Markets. It shows that our expansion model is very competitive as we win more customers in Latvia and Lithuania. This will benefit Nets customers and the consumers as well, as it will increase card spending in Latvia and Lithuania, which will decrease the usage of cash", says Head of Baltic region in Nets Henrik Anker Jørgensen.

"Nets is very focussed on servicing our existing customer base. This lesson in expansion shows that expanding with our existing customers across markets is easier as the issue of deserving trust is not an issue. For an acquirer or an issuer the financial benefits from consolidating the business across countries with Nets should also be considered carefully. We look forward to continuing our good and close cooperation with Danske Bank says Country Senior Executive in Nets Estonia Raivo Tinn."

 

 
For further information, please contact

 

Raivo Tinn, Country Senior Executive in Nets Estonia AS, +372 671 1423 or email: rtinn@nets.eu
Henrik Anker Jørgensen, Head of Baltic region in Nets +45 2948 23 58 or email hajor@nets.eu
Virgu Kirss, Head of Cards Danske Bank Estonia Branch +372 6 752 224 or email virgu.kirss@danskebank.ee

 

 

About Danske Bank

 

Danske Bank is one of the leading financial groups in Northern Europe offering all international and local banking services. The Bank has 3,8 million clients and 354 branches in 15 countries. Danske Bank was established in 1871 and currently employs more than 19,000 people.

Find out more about Danske Bank: www.danskebank.com