Kesko and Nordea start co-operation in Plussa cards

Kesko Corporation, its subsidiary K-Plus Oy and Nordea Rahoitus Suomi Oy have today signed a letter of intent which aims at long-term co-operation in the production and development of payment and credit card services related to the K-Alliance’s Plussa customer loyalty programme. Related to this co-operation, Kesko Corporation will sell its subsidiary K-Luotto Oy to Nordea Rahoitus Suomi Oy.

Plussa is the largest and most versatile customer loyalty programme in Finland. About 2.9 million Finns hold a Plussa card and there are about 3,000 outlets in the Plussa network. Together with its partners, Plussa produces versatile customer loyalty services for the customers of the K-Alliance. The significant extension of the partner network will continue in the future. Kesko Corporation’s subsidiary K-Plus Oy manages and develops the Plussa system, while the Plussa payment and credit card services for K-Plus Oy are produced by

K-Luotto Oy.

According to the letter of intent, Kesko Corporation will sell the whole share capital of K-Luotto Oy to Nordea Rahoitus Oy. At the same time, the companies will conclude a long-term co-operation agreement on managing the present card services and developing new card products and services.

The co-operation of Kesko and Nordea Rahoitus will allow for an increased service level of Plussa payment and credit cards and the development of new and attractive card products and credit services related to the Plussa customer loyalty programme.

K-Luotto Oy was established in 1987 and it operates in Helsinki. In 2002, the company’s net sales amounted to about 5 million euros and its balance sheet total was 31.6 million euros. At the conclusion of the transaction, most of K-Luotto Oy’s present staff will remain employed by K-Luotto Oy and the new owner, while some employees will transfer to Kesko. The intention is to implement the transaction by the beginning of November.

Nordea Rahoitus Suomi Oy is part of the Nordea Group, the largest financial services provider in the Nordic countries.

Further information:
Managing Director Niila Rajala, K-Plus Oy, tel. +358 1053 37100 or +358 50 555 5561
Deputy Managing Director Pertti Kiviniemi, Nordea Rahoitus Suomi Oy,
tel. +358 7728 8400