Svenska Handelsbanken sells shares in card processing company
Svenska Handelsbanken sells its 37 % stake in the Swedish card processing company CEKAB.
The consideration for 100% of the equity in CEKAB amounts to 257 MSEK. The transaction is conditional on, inter alia, receipt of relevant approvals from competition authorities. The resulting capital gain will be reported in Q1 or Q2 2007.
Svenska Handelsbanken owns CEKAB together with Nordea (39%), Swedbank (21%) and Danske Bank (3%). All banks are selling their stakes at the same time to the Norwegian company EDB Business Partner.
EDB will secure continuity in operating the growing card business. CEKAB was founded in 1989 to build the new and common infrastructure needed at the time. As the card business has matured a clearer division of responsibilities between the infrastructure vendors and the banks is preferred.
For further information:
Anna Gabrielsson, Senior Manager Strategic Development Card Services,
Handelsbanken, phone: +46 8 701 4957
Johan Lagerström, deputy head of Corporate Communications, Handelsbanken
phone: +46 8 70 265 8014