The collaboration of six Nordic banks results i...

Press release Stockholm  5 July 2019

The collaboration of six Nordic banks results in a joint KYC company

Danske Bank A/S, DNB Bank ASA, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), Svenska Handelsbanken AB (publ) and Swedbank AB (publ) are moving forward and have established a joint venture company to develop a platform for handling KYC (Know Your Customer) data. The European Commission has given its approval in accordance with the EU merger control rules.

The joint venture company is preparing for its first commercial launch in 2020. The company is autonomous and will initially offer KYC services to the market concerning large and medium-sized companies based in the Nordic region.

“The collaboration between all banks has been both effective and successful. Together, we have in a short period of time worked on a Nordic KYC utility standard for compliant KYC information and explored alternatives for a future digital solution. As we have now received the green light from the European Commission, we are ready to move forward with our plans,” says Fredrik Millde, interim CEO of the Nordic KYC utility.

The banks’ top priority in collaborating has been to develop a Nordic platform with standardised processes for handling KYC data. The objective is to improve customer experience by simplifying the KYC processes for corporate customers while strengthening financial crime prevention in the Nordics.

The six banks will invest an equal share in the company.

Previously issued press release on the Nordic KYC utility:

For further information, please contact Fredrik Millde, interim CEO, Nordic KYC utility, [phone]  [e-mail]	Press contact Laurence Westerlund, Press Officer [phone] [e-mail]
SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and UK the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 31 March 2019, the Group's total assets amounted to SEK 2,886bn while its assets under management totalled SEK 1,790bn. The Group has around 15,000 employees. Read more about SEB at http://www.sebgroup.com.

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