SEB Agrees to Sell Tink Stake to Visa

By Dominic Chopping

STOCKHOLM--Skandinaviska Enskilda Banken AB said Thursday that it has agreed to sell it stake in Swedish fintech company Tink to Visa Inc.

Visa earlier Thursday said it had agreed to buy open banking platform Tink for 1.8 billion euros ($2.15 billion).

The Swedish bank said it is Tink's largest and earliest strategic investor, after the companies initiated a strategic partnership in 2016 that saw SEB acquire a stake in Tink and sign a license agreement to use Tink's platform in the development of its mobile app and digital offerings.

In 2017 and 2019 SEB increased its investment in Tink.

The parties have agreed not to disclose any financial details, but SEB said it will provide additional details in its report for the second quarter of 2021.

The transaction is subject to regulatory approvals and other customary closing conditions.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 24, 2021 04:50 ET (08:50 GMT)

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