Swedish lender Swedbank has acquired payment service provider PayEx for an undisclosed amount.

PayEx is a group comprising various companies in Sweden, Norway, Denmark and Finland. As of 2016, the group’s total operating income was SEK541m, total operating costs was SEK460m and profit before tax was SEK78m.

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The acquisition will enable Swedbank to enter the payment market and add services to meet customers’ needs of digital solutions for payments. PayEx will be a wholly-owned subsidiary of Swedbank, headquartered in Visby.

The deal, which is subject to customary approvals from regulatory authorities, including the Swedish Financial Supervisory Authority and the Swedish Competition Authority, will be financed with Swedbank’s internal resources.

Swedbank president and CEO Birgitte Bonnesen said: “PayEx is a unique company and we are glad to make this acquisition. There is great competence and knowledge in the company and we will continue the positive development of the company together.”

PayEx president and CEO Raymond Klavestad said: “We look forward to rapidly increase the customer value for the customers of both parties in cooperation with Swedbank. Swedbank invests in the company that Max Hansson has built for 45 years.”