The Board of Directors of Societ Interbancaria per l’Automazione (SIA) and Societ per i Servizi Bancari (SSB) have approved the guidelines for the planned merger of the two companies.
The merger aims to overcome international competitors and set the framework to best compete in the new international scenario of credit and debit card processing, payment systems, and services for capital markets.
The new firm will encompass the parent company and the following subsidiaries: Kedrios, Perago, RA Computer, SiNSYS and TSP.
The new group will address three main markets on a European scale (Cards, Payments, Capital Markets) through a Key Account Management Unit, an operational unit responsible for the technological infrastructures, and a Corporate Centre to serve the parent company and the subsidiaries.
The subsidiaries Kedrios, Perago, RA Computer SiNSYS and TSP will remain independent companies, with the aim of enhancing the existing partnerships. Authorizations and timeframe of the operation Subject to obtaining the necessary authorisations, the merger will take effect on 1 January 2007.