05 July 2015

EDB buys Swedish card processor Cekab

23 February 2007  |  9481 views  |  0 EDB

Nordic IT services group EDB Business Partner has signed an agreement to acquire Centralen för Elektroniska Korttransaktioner (Cekab) - a Swedish card processing company established by Swedbank, Nordea, Svenska Handelsbanken and Danske Bank - for a total of Skr257 million.

Cekab was established in 1998 to provvide card servces to banks in the Nordic region. The company reported turnover of Skr134 million for 2006.

Nordea currently owns a 39% stake in the business, while Handelsbanken holds a 37% share. Swedbank owns 21% and Danske Bank holds a three per cent stake.

The unit is expected to have in the order of Skr20 million in cash at the time of acquisition, which is expected to close in March. EDB says Cekab will continue as a wholly-owned subsidiary under its existing management, which includes managing director Eva Menzing.

Comenting on the acquisition, Endre Rangnes CEO of EDB, says: "This acquisition puts EDB in the driver's seat for the future of card processing in the Nordic countries. Cekab is an exciting company and opens up entirely new opportunities for EDB in both the Swedish and Nordic banking and finance markets."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 January, 2007
11 December, 2006
08 May, 2006
19 December, 2005

Related company news

 

Top topics

Most viewed Most shared
Barclays takes on Apple with wearable paym...
9100 views comments | 39 tweets | 35 linkedin
Singapore pledges S$225m to fintech
8516 views comments | 32 tweets | 24 linkedin
US banks pump $16.6bn into digital transfo...
7282 views comments | 36 tweets | 24 linkedin
Greeks flock to Bitcoin
6184 views comments | 31 tweets | 18 linkedin
UK payments regulator calls for 'pipes and...
5728 views comments | 27 tweets | 20 linkedin

Featured job

to 80K base, 160K OTE
London, UK

Find your next job