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Danish Interbank Cash mangement utility acquired by Cash-in-Transit Company

Categories : Cash is efficient
August 24, 2016
Tags : Cash cycle efficiency, Cash-in-Transit, Central Bank
Bankernes Kontantservice A/S (“BKS”) the interbank cash utility based in Copenhagen, Denmark has entered into an agreement to be acquired by Loomis Danish subsidiary.
Guillaume Lepecq

Bankernes Kontantservice A/S (“BKS”) the interbank cash utility based in Copenhagen, Denmark has entered into an agreement to be acquired by Loomis Danish subsidiary. BKS provides cash handling solutions for the financial institutions in Denmark. It stores, delivers, collects, and counts cash. The company buys and sells cash on behalf of the Danish financial institutions. Its products and services include banknote and coin handling, servicing of cash points/ATMs, business deposit handling in night deposit boxes, and foreign currency handling. The company was founded in 2010.The enterprise value is approximately DKK 250 million, corresponding to approximately SEK 316 million.

BKS annual revenue in 2015 was approximately DKK 340* million and Loomis Denmark’s annual revenue 2015 was approximately DKK 92 million.

The acquisition enables Loomis to expand its customer portfolio in Denmark and to service a broad spectrum of banks, retailers and other customers.

“This acquisition is a very good fit for Loomis, building on the strategy to acquire in existing markets and to benefit from the outsourcing trend. We believe that combining BKS and Loomis is the best long term solution for cash handling services in the Danish market. We are very pleased to add this business and welcome all new employees and customers to the Loomis group”, says Patrik Andersson, President and CEO of Loomis.

The Governor of the central bank Hugo Frey Jensen stated: “We are content that now there is a buyer to Bankernes Kontantservice (BKS). BKS was established in 2010, and at the time Danmarks Nationalbank joined the circle of owners in order to increase security in the cash handling. This was necessary to prevent a recurrence of the violent robberies that the sector was exposed to in the previous years. This goal has now been obtained, and thus there is no longer a natural reason for Danmarks Nationalbank to be co-owner of BKS.”

*excluding non-recurring security fee paid by the owners of BKS.

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