Summary
- Lufthansa has finalized the sale of AirPlus International, a payment solutions provider, to SEB Kort Bank, a Swedish bank.
- The transaction was initially announced in 2023, with the Swedish bank paying €450 million ($485.1 million) for the now ex-Lufthansa Group subsidiary.
- The move came as the group has attempted to streamline its business, focusing on its airlines.
Lufthansa Group has announced that it finalized the transaction to sell its AirPlus International to SEB Kort Bank, a Stockholm, Sweden-based bank, as it aims to simplify its business and focus on the airline industry.
Streamlining the group
According to the Germany-based airline group, the transaction was completed on July 31, the same day that Lufthansa Group announced its Q2 2024 results.
Nevertheless, the Sweden-based SEB Kort Bank paid around €450 million ($485.1 million) for AirPlus International, a business-to-business (B2B) payment solutions provider, with the transaction being agreed upon more than a year ago, in June 2023.
Michael Niggemann, member of the executive board of Lufthansa, thanked all AirPlus employees, noting that their dedication, passion, and hard work had transformed a former Lufthansa project into a leading provider of B2B payment services that served more than 55,000 customers globally.
“I am delighted that we have found a strong new owner from the financial sector in SEB Kort, with whom AirPlus will write the next chapter of success and continue to drive forward the digital transformation in the payment sector.”
Niggeman added that the sale of Lufthansa’s catering business, the approved investment in ITA Airways, and, now, the sale of AirPlus, was further proof that the Group was implementing its strategy on streamlining Lufthansa Group “to focus even more strongly on its core business.”
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The SAS EuroBonus connection
SAS, which is based in Denmark, Norway, and Sweden, has different options for customers based in those three Scandinavian countries who would like to earn more SAS EuroBonus points.
For example, customers in Denmark can opt for either Mastercard or Visa cards, with the latter being issued by Lunar, a bank based in the country. Meanwhile, the former was issued by SEB Kort Bank in Denmark.
In Norway and Sweden, customers can choose between American Express, Mastercard, and a Lunar bank card, with the Mastercard cards being issued by SEB Kort Bank, which purchased AirPlus.
Photo: Wirestock Creators | Shutterstock
However, with SAS switching its allegiances from Star Alliance to the SkyTeam airline alliance, Miles & More, the loyalty program of the Lufthansa Group, launched a status match program for EuroBonus customers who wished to keep their Star Alliance-associated perks and bonuses. The program was valid until February 2026.
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Alleviating complexity
While the sale of AirPlus International was a step in the right direction, Lufthansa Group still has a lot of complexity within its business, including ten different airline air operator’s certificates (AOC).
In its Q2 report, Lufthansa Group admitted that Lufthansa, its flagship airline, has been dealing with inefficiencies, as well as external issues, including aircraft delivery delays.
Photo: Joe Kunzler | Simple Flying
As a result, the airline has launched its comprehensive turnaround program, which included the expansion of Discover Airlines and Lufthansa City Airlines at Frankfurt Airport (FRA) and Munich Airport (MUC) and the retirement of the carrier’s aircraft, including the Airbus A340 and Boeing 747-400.
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