Go to search feature Go to content

SEB to sell card acquiring business to Nordic Capital

SEB has signed an agreement to sell card acquiring company Euroline AB to Nordic Capital for 2.2 billion Swedish kronor on an enterprise value basis.

Efficient payment solutions are an important part of the bank’s wide offering for corporate customers. SEB is the leading provider of corporate cards in the Nordic region, having issued nearly four million cards under brands such as Eurocard, MasterCard, Visa and Diners Club. In addition, the bank has card acquiring activities through Euroline in the four Nordic countries.

“In recent years we have been focusing the bank's activities to our core areas and where we can create the greatest long-term value for our customers. Regulatory changes and rapid technological progress mean increasing demands on economies of scale and large investments in the card acquiring industry,” Falkengren says.

“The sale of Euroline is an example of how we can be instrumental in developing financial infrastructure and solutions that benefit customers. Nordic Capital has a good track record of developing companies in the sector and with them as owners Euroline will offer our customers even better solutions and geographic coverage.”

SEB’s card acquiring business employs around 50 people. The transaction is expected to close during the fourth quarter of 2014, subject to the necessary approvals. SEB expects to book a capital gain of approximately 1.9 billion kronor.

Before the transaction closes, SEB has an option to invest up to 25 per cent in the new card acquiring business Nordic Capital intends to develop.