SEB Kort Bank AB, a company owned by SEB Group that specializes in corporate payment solutions in the Nordics, has agreed to purchase all the shares of Lufthansa AirPlus Servicekarten GmbH, a leading business payment services provider.
SEB Kort is paying EUR 450 million to join forces with AirPlus, becoming a huge player in corporate payment solutions in Europe. This collaboration will give SEB Kort a larger presence and more possibilities for development, as well as access to a modern IT system.
This deal is expected to create many benefits for SEB Group. It is part of their plan to expand their corporate banking in the DACH region and Northern Europe.
Comparison of AirPlus and SEB Kort Payment Service Providers
AirPlus is one of the top payment service providers for businesses. They offer accounts, virtual cards and corporate cards to roughly 53,000 customers. Their global presence is strong, especially in the DACH region and Europe, generating most of the revenue. After investing in IT transformation, they now operate on a modern IT platform. In 2022, their total revenue was approximately 231 million euros.
SEB Kort is a payment solutions provider owned by the SEB Group. With over 600 employees, it serves private individuals and corporate customers in the Nordic region. Its products include corporate cards, company accounts and co-branding. It had a total income of nearly two billion Swedish kronor in 2022. SEB Kort grew both organically and through acquisitions to get to its leading position.
The purchase price for this acquisition is 450 million euros, and it is likely to reduce SEB’s capital reserves by around 35-40 points. In the middle term, this acquisition should produce more income and cost savings, which should help SEB make more profit. The expected outcome is that SEB will make more money in the first year (not including the costs of implementation) and even more in the second year (including the costs of implementation).
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