BancTec buys Swedish bank-owned Privatgirot

Source: BancTec

BancTec, a global provider of advanced, high-volume, document and payment processing solutions and services has extended the reach of its BPO offerings through the acquisition of Privatgirot AB, one of the largest providers of payment and document services in the Nordic region of Europe.

Privatgirot, - which processes Giros for the top seven Swedish Banks - will continue to provide payment and document processing services under long term service contracts. In 2008, Privatgirot generated revenues in excess of $18m consisting of paper and electronic payments alongside a range of general document based services. As part of the transaction, Fred Petrini, CEO of Privatgirot, will join BancTec to head up the BancTec Nordic BPO Services operation.

"BancTec has within a short timeframe built a strong BPO practice throughout Europe, with particular expertise in providing payment and document processing services," said Michael D. Peplow, President, EMEA, BancTec. "Combining Privatgirot with BancTec's existing Nordic processing centres will provide a market leading portfolio of payment and document services to the largest and most demanding financial institutions in the Nordic region. I am particularly delighted that Fred has agreed to join BancTec and head our Nordic BPO operation, Fred brings with him a great deal of senior management experience and operational know-how which will assist BancTec to continue to further accelerate growth in our EMEA BPO operation."

Privatgirot AB, which is owned collectively by Sweden's seven largest banks, is recognized for its expertise in the handling, scanning, interpretation and archiving of financial information. Each year, Privatgirot processes approximately 110 million paper-based payments and 10 million electronic payments. The company, which also digitizes more than 1.5 million general correspondence documents and millions of supplier invoices annually, can process up to 2.5 million documents per day. Privatgirot utilizes a variable staffing model, unique delivery capabilities and leading-edge hardware and software solutions to provide the highest possible quality, safety and customer experience. "We are proud of the contribution Privatgirot has made to the Swedish National Payment system and we believe that by selecting BancTec as our long term partner that Privatgirot will continue to play a leading role in the onward development of the payment systems in Sweden" Bjorn Elfstrand, Outgoing Chairman of Privatgirot and CFO Swedish Banking, Swedbank.

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