Tietoevry, a Finland-based IT services provider, is conducting a strategic review of its banking business, TietoEVRY Banking.

The review could lead to the separation of the banking arm into an independent firm listed on the stock exchange.

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Tietoevry hopes to accelerate the growth profile, scale, and profitability of Tietoevry Banking, while enhancing its strategic and financial flexibility.

The spin-off would allow Tietoevry to shift its focus on the group and realise the value of its businesses, the firm added.

Currently, the unit has a portfolio of software including banking-as-a-service, cards, payments and credit.

With annual revenue of around €500m, Tietoevry Banking’s team of 3,600 caters to over 400 customers across the globe.

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Tietoevry is expected to complete the carve-out process in the second half of 2023. If the listing assessment proceeds favourably, the firm aims to the banking business in the second half of 2023.

Tietoevry president and CEO Kimmo Alkio said: “We are today announcing a key decision to take our strategy forward. Tietoevry Banking offers highly competitive software and platforms for Nordic and global financial institutions.

“As an independent entity, we believe that the business would have higher focus, build a clear financial services software identity to attract the best talent and enhance the value to its customers. This would potentially unlock further value for Tietoevry shareholders.”

A final decision on the demerger is yet to be made and it is subject to market conditions.