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SEB Kort, the credit card subsidiary of Stockholm-based SEB Bank, has strengthened its market reputation as Scandinavia's strongest growing card company by acquiring Eurocard's issuing business in Denmark from PBS International.
The DKK400 million ($65.6 million) all-cash takeover includes full rights to the Eurocard brand in Denmark and includes a portfolio of 166,000 Danish Eurocard cards. The business generated a turnover of around DKK1.8 billion in 2003. SEB Kort already holds exclusive issuer rights to Eurocard in Norway and Sweden.
The strategic divestment is designed to re-focus PBS International's operations around its international card settlements business. "What this takeover does is strengthen our growing status as...