STOCKMANN AND NORDEA TO COOPERATE IN FINANCING LOYAL CUSTOMER ACCOUNTS
The credit facilities of Stockmann's credit line Loyal Customer Cards will
converge with those of the international MasterCard during 2008 in
Finland ans Estonia, as well as in Latvia where Stockmann has previously
not offered Loyal Customer Card with a credit facility.
There will be no separate annual charge for the card. All the customer
benefits of the present credit line Loyal Customer Cards will be retained
in full, with more benefits to come. In future too, prime customers will
have a special Exclusive Loyal Customer Card that offers additional
benefits. The cards can also be provided with a payment card facility like
the one on present-day bank cards. Stockmann's cash card will remain in
use just as before.
The new card offerings will be based on an agreement between Stockmann and
Nordea concerning transfer of the financing of Loyal Customer accounts to
Nordea. This transfer of accounts will lighten Stockmann's balance sheet
in 2008 in average by about EUR 65 million.
Stockmann has a total of 1.5 million Loyal Customers in the Group's market
areas in Finland, the Baltic countries and Russia. The total number of
Stockmann credit accounts in Finland and Estonia is over 600,000. Ten of
the employees who attend to them will transfer to Nordea's employ under
their current terms of employment.
The new card cooperation goes all the way back to 1998 and the launch of a
Combination Card which was both a Stockmann account card and the bank card
of Merita Bank, Nordea's predecessor.