SEB offloads card acquiring biz to Nordic Capital

SEB offloads card acquiring biz to Nordic Capital

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."

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