BancTec Buys Swedish Bank-owned Privatgirot
BancTec has extended the reach of its business process outsourcing (BPO) offerings through the acquisition of Privatgirot, a provider of payment and document services in the Nordic region of Europe. Privatgirot, which processes giros for the top seven Swedish banks, will continue to provide payment and document processing services under long-term service contracts.
As part of the transaction, Fred Petrini, CEO of Privatgirot, will join BancTec to head up the BancTec Nordic BPO Services operation.
Sweden’s seven largest banks collectively own Privatgirot. “We are proud of the contribution Privatgirot has made to the Swedish national payment system and we believe that by selecting BancTec as our long term partner that Privatgirot will continue to play a leading role in the onward development of the payment systems in Sweden” said Bjorn Elfstrand, outgoing chairman of Privatgirot and CFO of Swedish Banking, Swedbank.