SpareBank 1 and BBS entering into strategic cooperation agreement

(Oslo, 7. December 2009) SpareBank 1 has signed a strategic cooperation agreement with BBS for a period of five years. The contract has an estimated value of NOK 1 billion and includes various types of card, payment and information services as well as eSecurity.

“This agreement will increase the competitiveness of all SpareBank 1 banks in the payment area, due to improved commercial conditions and a more comprehensive development cooperation,” says EVP and CIO of the SpareBank 1 Group, Eivind Gjemdal. “We are proud that SpareBank 1 has chosen BBS, and we humbly realise that the real job starts at this point,” says Sales and Business Development Manager of BBS, Mette Kamsvåg Grimstad. SpareBank 1 and BBS will be involved in a strategic development cooperation, in order to meet clients’ future needs through improved methods. The agreement also involves sales collaborations. Parallel to the strategic cooperation agreement, an agreement involving the transfer of Terminal client portfolios from the SpareBank 1 banks to BBS has also been made. “We will no longer be offering physical terminals in the market, but rather focus on selling financial and transaction based services,” says Gjemdal. “The contract signing and process as a whole have required large amounts of work. We wish to emphasise the high degree of professionalism demonstrated by the parties throughout this process,” says Gjemdal.