SEB offloads card acquiring biz to Nordic Capital
30 May 2014 | 5506 views | 0
Swedish bank SEB has agreed to sell its Euroline card acquiring business to PE firm Nordic Capital for SKr2.2 billion (around £198 million).
Euroline, which employs around 50 people, provides acquiring services to SEB's corporate customers, handling more than 200 million transactions a year.
As part of the deal, SEB will hand over card acquiring work to Nordic Capital and also has an option to invest up to 25% in the new business.
Annika Falkengren, CEO, SEB, says: "In recent years we have been focusing the bank's activities in core areas and where we can create the greatest long-term value for our customers.
"Regulatory changes and rapid technological developments means that the card acquiring business requires both larger scale and heavy investment in technology going forward."