The sale of CEKAB to EDB
Swedbank sells shares in card processing company
FRI, FEB 23, 2007 08:31 CET
Swedbank is selling its 21% stake in the Swedish card processing company CEKAB. Swedbank owns CEKAB together with Nordea (39%), Svenska Handelsbanken (37%) and Danske Bank (3%). All the banks are selling their stakes at the same time to the Norwegian company EDB Business Partner for a total price of SEK 257 million. EDB Business Partner will thereby own the entire company.
Swedbank’s capital gain is estimated at SEK 40 million. The sale will be finalized during the first half of 2007.
EDB will secure continuity in the growing card business. CEKAB was founded in 1989 to build a new, unified infrastructure needed at the time. As the card business has matured, a clearer delegation of responsibilities between infrastructure vendors and the banks is preferred.
Lenner & Partners has served as financial adviser. The sale is subject to the approval of competition authorities.
Link to press release: