05 September 2015

EDB buys Swedish card processor Cekab

23 February 2007  |  9610 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

 
Your browser is unable to support Flash files.

Who is commenting?

Finextra Member Commented on: HSBC to rebrand Britsh...
Finextra Member Commented on: Zapp to use behavioura...

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
8590 views comments | 40 tweets | 15 linkedin
PayPal rolls out personalised URLs for P2P...
5897 views comments | 34 tweets | 19 linkedin
UK boosts contactless limit to £30
5889 views comments | 31 tweets | 20 linkedin
Behold the contactless jacket
5719 views comments | 23 tweets | 18 linkedin
MasterCard extends startup search globally
5523 views comments | 14 tweets | 6 linkedin

Featured job

£90-110K Basic Circa £200-250K OTE NO CEILING
London

Find your next job