SEB acquires Eurocard brand in Denmark

Source:

SEB Kort has today acquired Eurocard's card issuing business from PBS International A/S for DKK 400m. SEB Kort hereby acquires the rights to the Eurocard brand in Denmark and assumes responsibility for 166,000 Danish Eurocard cards. The 35 employees currently working with the Eurocard business will join the new owner.

PBS International A/S will in future concentrate its business on international card settlements, i.e. agreements with merchants for accepting international debit and credit cards.

Kurt Thyregod, Head of SEB Kort Danmark, says: "SEB Kort is now strengthening its position as a leading card issuer in Denmark with the Diners Club, MasterCard and Eurocard brands. The acquisition is an exciting business possibility for us. Our customers gain access to a wider range and we have the possibility to increase our competitiveness. SEB Kort AB, which owns the Danish card business, is already the exclusive issuer of Eurocard in Norway and Sweden. This gives us the chance for large-scale operations and the ability to make use of the existing experience between the three countries."

Peter Lybecker, Chairman of the Board at PBS International A/S, says: "We are pleased that the buyer is SEB Kort, as it already runs a professional card business in Denmark and will be able to offer our customers the continued good service to which they are accustomed from PBS International A/S."

Fleming Carlborg, Executive Vice President at SEB and Head of the Nordic Retail & Private Banking division, says: "Denmark is an important market for SEB. We already have considerable operations in Denmark within areas such as asset management and merchant banking. Our card business is stable and profitable and this acquisition adds value to SEB."

SEB Kort expects to assume total operative responsibility for Eurocard in Denmark in August 2004. The acquisition is expected to have a positive effect on SEB's earnings per share from as early as 2005.

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