SEB Kort co-operating with Magasin du Nord

SEB Kort AB co-operating with Magasin du Nord

SEB Kort AB has reached a ten-year co-operation agreement with the
Danish department store chain Magasin du Nord. Concurrently, SEB Kort AB
is purchasing the department store chain's card stock of more than
160,000 cardholders.

"Magasin du Nord's customer base matches our strategic target group in a
highly favourable manner. We are looking forward to co-operation with
Magasin to further strengthen the position that their card already holds
today," says Kurt Thyregod, President, SEB Kort Danmark.

"The co-operation agreement also provides very strong possibilities to
develop existing business through, among other actions, cross-selling of
SEB Kort's and SEB's products," continues Kurt Thyregod.

As a result of the co-operation, Magasin du Nord gains a partner that
develops and offers card-based payment solutions to its customers. In
the first phase, issue of a Magasin-profiled card is planned, which will
then be supplemented with a Magasin MasterCard card.

The agreement also involves the takeover by SEB Kort of a small number
of employees from Magasin Kort A/S.

For further information, contact:
Kurt Thyregod, President, SEB Kort Danmark. [phone]
Kerstin Ottosson, Information Manager, SEB Kort Norden, [phone]

The Magasin du Nord department store chain was established more than a
century ago. It comprises five stores in the Copenhagen area and four
stores located in Aarhus, Odense, Aalborg and Kolding. In addition, the
Illum store in Denmark is included.

SEB Kort is a wholly owned subsidiary within the SEB Group, with
separate companies established in Sweden, Denmark, Finland and Norway.
At year-end 2001, SEB Kort had issued a total of approximately 2.4
million cards, of which slightly more than 1.8 million in Sweden. In the
Nordic region, SEB Kort has exclusive franchise rights to the Diners
Club brand. In Sweden, SEB Kort also holds the exclusive rights to
Eurocard. SEB Kort issues several co-branded cards, including Statoil's
cards in Sweden and Diners Club cards combined with SAS's Eurobonus
program. An important part of SEB Kort is Euroline, a technologically
advanced merchant acquirer.