- OBOS Bank will switch from Tietoevry Banking to Netcompany Banking Services when its current contract ends on 31 December 2026.
- The framework deal covers core banking plus digital channels, data warehousing, AML and credit solutions using NBS’s Amplio and Ami platforms for retail and corporate customers.
- NBS is the merged Netcompany-SDC banking unit (closing mid-2025), positioning OBOS to tap a scaled Nordic-European banking tech platform.
- The move aims to improve OBOS’s digital capabilities and costs, but adds execution, migration and regulatory third-party risk.
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The recent agreement between OBOS Bank and Netcompany Banking Services (NBS) represents a strategic shift in OBOS’s technology stack. By replacing Tietoevry Banking upon expiry of their contract on 31 December 2026, OBOS is betting on a vendor that has rapidly consolidated banking IT capabilities via the merger of Netcompany and SDC. The deal is comprehensive—not just a core banking swap, but inclusion of digital channels (online/mobile), data warehousing, anti-money laundering systems, and new domestic credit solutions leveraging NBS’s platforms.
Financially, OBOS is a mid-sized bank—in 2024 it ranked 13th among Norwegian banks with assets of NOK 39,879 million (~€3.1-3.5 billion depending on FX), though the recent media report by FinTech Futures cites OBOS with “approximately €6.1 billion in total assets,” which may include broader group assets or use different valuation or consolidation methodologies. This discrepancy underscores the need to clarify OBOS’s balance sheet scope—whether banking entity only or group aggregate.
The Netcompany-SDC merger (closing July 2025) gives OBOS access to scalable platforms with broad investment behind them. Specifically, the acquisition deal valued SDC at DKK 1 billion and anticipated accretive earnings per share from 2026 onward, with double-digit accretion by 2028. NBS’s platforms—Amplio and Ami—deliver automation, case management, secure digital interactions, which fits with OBOS’s push for digital lending experience and AML enhancement.
Strategic implications include competitive pressure in Norwegian banking: OBOS could gain agility, cost savings, and regulatory compliance benefits; Tietoevry will lose a customer with potential ripple effects. For NBS, OBOS provides a reference customer in Norway. For Netcompany, the deal justifies the SDC acquisition. However, this involves risk: integration challenges, transition cost and vendor risk, and ensuring data privacy/security given this is core banking.
Open questions arise: What are the financial terms of OBOS’s agreement (fees, margins, risk shared)? What is OBOS’s internal capacity for managing migration risk? How will regulatory authorities view NBS as a critical infrastructure provider? What happens to OBOS’s customer experience during transition? Also, why are there discrepancies in reported asset figures for OBOS?
Supporting Notes
- OBOS Bank will partner with Netcompany Banking Services to upgrade its core banking systems, covering core banking, mobile/online banking, data warehouse, and AML solutions.
- New credit solution using NBS’ Amplio (process automation & case management) and Ami (secure digital interactions & data exchange) platforms targeting both private and corporate markets.
- The existing service agreement with Tietoevry Banking is set to expire on 31 December 2026.
- OBOS Bank is cited as the tenth-largest bank in Norway with approximately €6.1 billion in total assets in the FinTech Futures article.
- NBS resulted from the completed merger between Netcompany and SDC, a deal valued at DKK 1 billion (~US$140 million).
- Financial guidance post-merger expects EPS dilutive in 2025, but accretive from 2026 with double-digit accretion by 2028.