December 01, 2003

Bank of Finland Sells Setec Shares

The Bank of Finland (Helsinki) has recently sold its remaining 40 percent stake in local smart card outfit Setec (Vantaa, Finland) to the private equity firm CapMan (Helsinki). Setec develops and manufactures smart cards-including EMV-compliant debit and credit cards-and visual identity products, as well as related operating systems and applications. The company's main market areas are the Nordic and Baltic countries and Asia. Net sales totalled EUR50.7 million in 2002 and the group had 418 employees at year-end.