Consortium of Nordic Banks Buy Swedish Clearing House Bankgirot
By Dominic Chopping
STOCKHOLM--A group of Nordic banks agreed on Tuesday to buy
Swedish clearing house Bankgirocentralen BGC AB.
The P27 Nordic Payments Platform, a joint initiative formed by
Danske Bank AS, Svenska Handelsbanken AB, Nordea Bank Abp, OP
Financial Group, Skandinaviska Enskilda Banken AB and Swedbank AB,
has agreed to buy Bankgirot as it seeks to create a common payment
platform in the Nordics.
Bankgirot is a Swedish clearing system used for
account-to-account payments and handles transactions of around 73
billion Swedish kronor ($8.2 billion) daily, including through its
real-time payment service BiR that enables Sweden's instant payment
Bankgirot was established in 1959 by Swedish banks and enables
services including Swish, Autogiro--a direct-debit service--and
electronic invoicing. It is currently owned by Danske Bank,
Handelsbanken, Lansforsakringar Bank, Nordea, SEB, Skandiabanken
"P27's acquisition of Bankgirot is a very important step in our
ambition to build a solid Nordic clearing infrastructure," said P27
Chief Executive Lars Sjogren. "This will enable the Nordics to take
the lead in building the world's first integrated cross-border and
cross-currency payments region, facilitating the needs of banks,
consumers and society at large."
P27 expects the Bankgirot acquisition to be completed in the
first quarter of 2021.
No financial details were disclosed.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
October 06, 2020 10:37 ET (14:37 GMT)
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