17 August 2017
Find out more

EDB buys Swedish card processor Cekab

23 February 2007  |  11029 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)

Finextra news in your inbox

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

Related stories

EDB buys 60% stake in Infopulse Ukraina

EDB buys 60% stake in Infopulse Ukraina

30 January 2007  |  6865 views  |  0 comments
Swedbank chooses EDB software and services for Norwegian expansion

Swedbank chooses EDB software and services for Norwegian expansion

11 December 2006  |  6982 views  |  0 comments
DnB Nor to buy EDB's Paynet unit

DnB Nor to buy EDB's Paynet unit

08 May 2006  |  5008 views  |  0 comments
EDB Business Partner looks for growth in cards sector with TAG acquisition

EDB Business Partner looks for growth in cards sector with TAG acquisition

19 December 2005  |  3953 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10474 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9884 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9814 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8194 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7661 views 0 | 1 tweets | 8 linkedin