Sampo Uh-Oh
by Alex Papadimoulis
in Feature Articles
on 2008-08-05
Over the course of 100-plus years, Sampo Bank had grown into one of the largest banks in Finland. Since its founding in 1887, Sampo stayed ahead of the technology curve, introducing the first modern payment system -- the postal giro -- in 1939, becoming Finland's first adopter of IBM's "electronic brain" in 1958, and amassing nearly one million users of its online banking service by 2006.
But alas, in today's acquire-or-be-acquired world, Sampo was swallowed up by Denmark giant Danske Bank. On Nov. 9, 2006, Danske announced not only the acquisition, but that it would integrate all IT platforms -- online banking, merchant processing, account management and so on -- in 1 year, 4 months and 15 days, by Easter weekend of 2008. And come hell or high water, they would meet that date.