SEB Privatbanken extends EDB outsourcing contract

Source: SEB Privatbanken

SEB Privatbanken has entered into an agreement with EDB to purchase solutions and operating services for its banking activities.

This agreement represents an extension of the existing agreement with SEB Privatbanken, and also includes solutions and operating services for SEB Merchant Banking. The new agreement runs to 31 December 2010, and represents total business volume of around NOK 60 million.

The current agreement with SEB Privatbanken runs to 31 December 2007. This agreement is now being extended by three years to 31 December 2010. SEB Privatbanken will continue to use a complete portfolio of banking solutions and operating services from EDB, and will in addition use new solutions for mutual funds administration and internet banking. The new agreement also includes solutions for preventing money laundering and electronic currency reporting for SEB Merchant Banking.

SEB (Skandinaviska Enskilda Banken AB) acquired Privatbanken ASA in autumn 2005. Privatbanken continues to operate as a separate company under the name SEB Privatbanken ASA. SEB Merchant Banking is part of SEB's Norwegian activities.

"SEB Privatbanken was established in 2000, and over our first five years of operation we have built up an efficient commercial bank with significant total assets of NOK 8.5 billion and 14,000 customers. Over the course of these five years, EDB has delivered solutions that underpin the bank's cost-efficient operations. With SEB as our new owner, we intend to expand our activities in the retail market. We have chosen to extend our relationship with EDB, and EDB will provide us with a broad portfolio of state-of-the-art solutions and infrastructure that will form the basis for our banking activities", explains Ole Tandberg, CFO of SEB Privatbanken.

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