28 April 2015

EDB buys Swedish card processor Cekab

23 February 2007  |  9310 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
Banks on the brink as customer experience...
9117 views comments | 48 tweets | 41 linkedin
Future Money roundup: Big banks have their...
4967 views comments | 17 tweets | 9 linkedin
Wells Fargo picks startup accelerator part...
3963 views comments | 5 tweets | 5 linkedin
Nationwide extends video banking to a furt...
3819 views comments | 11 tweets | 13 linkedin
HSBC links to porn site
3777 views comments | 7 tweets | 5 linkedin

Featured job

Basic £85-110K dependent on experience OTE circa £...
London

Find your next job