As announced in a press release today, SEB will sell its card acquiring business to Nordic Capital. This business is carried out in Euroline AB for which the annual report is available at Bolagsverket (Swedish Companies Registration Office). The main financial information for the company is available at
In summary, SEB’s financial position is affected as follows at the time of the closing of the transaction, expected in the fourth quarter 2014:
- Total assets will decrease by SEK 2bn.
- Risk-weighted assets remain unchanged.
- The realised capital gain amounting to approximately SEK 1.9bn will be recognised in the Retail Division as Other income. Realised gains from divestment of subsidiaries are not subject to taxation.
- The common equity capital ratio will strengthen by approximately 0.3 percentage points.
The operating profit of the sold business amounts to approximately SEK 150-200m. The effect on SEB’s operating expenses is minimal and therefore the cost cap of SEK 22.5bn for 2014 and 2015 will remain unchanged.