Swedbank acquires the payment provider PayEx. Through the acquisition
Swedbank
enters a new market and add services to meet customers’ needs of
digital
solutions for payments.
The market for payment solutions has undergone
major changes in recent years by
greatly increased on-line purchases and
development of invoicing solutions.
Payment Service Providers (PSP), as PayEx,
has been established with the purpose
to improve the purchase experience.
The
acquisition creates good prerequisites to continue to develop long term
and
attractive payment solutions for retail businesses and its customers.
-
PayEx is a unique company and we are glad to make this acquisition. There
is
great competence and knowledge in the company and we will continue the
positive
development of the company together, says Birgitte Bonnesen, President
and CEO
at Swedbank.
PayEx is a private owned Group comprising of a number of
companies in Sweden,
Norway, Denmark and Finland. PayEx offers payment
solutions for internet, mobile
and physical commerce and administrative
services within billing, account
management and debt collection. The company
also offers financial services such
as factoring, instalment and loans.
- We
look forward to rapidly increase the customer value for the customers of
both
parties in cooperation with Swedbank. Swedbank invests in the company that
Max
Hansson has built for 45 years, says Raymond Klavestad, President and CEO
at
PayEx.
The company will be a fully owned subsidiary to Swedbank, with
headquarters in
Visby, acting on an open market with both existing and new
customers. For 2016,
PayEx total operating income amounted to SEK 541m, total
operating costs to SEK
460m and profit before tax to SEK 78m. At the end of
2016, PayEx total risk
exposure amount was SEK 1.7bn. The acquisition will have
a minor negative impact
on the common equity tier 1 ratio of the Swedbank
group. More information
regarding the financial effects for the Swedbank group
will be communicated in
connection with closing of the acquisition.
The
acquisition is financed with Swedbank’s internal resources and is subject
to
customary approvals from regulatory authorities, including the Swedish
Financial
Supervisory Authority and the Swedish Competition Authority.
For
more information, please contact:
Josefine Uppling, Group Press Officer,
Swedbank, +46 761 14 54 21
Gregori Karamouzis, Head of Investor Relations,
Swedbank, +46 727 40 63 38
Information about PayEx
PayEx was founded 1972 by
Max Hansson, who has owned the company since then. The
company has more than
10 000 customers and approximately 500 employees in
Sweden, Norway, Denmark and
Finland. PayEx processes more than SEK 250 bn per
year in their home markets on
their customers´behalf. PayEx has AAA-rating and
is a credit market company,
approved by the Swedish FSA.
This announcement involves the disclosure of
inside information
Swedbank AB (publ) is required to disclose this information
pursuant to
Regulation (EU) No 596/2014 on market abuse, the Swedish Securities
Markets Act
(2007:528), the Swedish Financial Instruments Trading Act
(1991:980) and the
regulatory framework of Nasdaq Stockholm. This information
was sent to be
published on 10 May, 2017 at 08.00 CET.
Swedbank promotes a
sound and sustainable financial situation for the many
people, households and
companies. Our vision is to contribute to development
“Beyond Financial
Growth”. As a leading bank in the home markets of Sweden,
Estonia, Latvia and
Lithuania, Swedbank offers a wide range of financial
services and products.
Swedbank has over 7 million retail customers and around
650 000 corporate
customers and organisations with 241 branches in Sweden
and 141 branches in the
Baltic countries. The group is also present in other
Nordic countries, the US
and China. As of 31 March 2017 the group had total
assets of SEK 2 488
billion.
Read more at www.swedbank.com