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STOCKHOLM - Swedbank AB announced Thursday it has reached an agreement to acquire Barclays’ 50% ownership stake in Entercard, transforming the credit company into a wholly owned Swedbank subsidiary.
The acquisition will create the largest card business in the Nordic and Baltic regions, according to a press release statement from Swedbank. Entercard offers credit cards and consumer loans through partnerships across Norway, Sweden, Denmark and Finland.
The purchase price will be based on 50% of Entercard’s equity value at acquisition time. As of the first quarter of 2025, the company’s total equity was approximately SEK 5.2 billion.
"Today we are forming the largest card business in the Nordics and Baltics. Through this acquisition, Swedbank continues to invest in and develop our business," said Tomas Hedberg, Deputy CEO of Swedbank.
Entercard, which has been jointly owned by Swedbank and Barclays since 2005, will continue to operate under its own brand. The company currently employs approximately 450 people and serves 1.5 million customers across the Nordic region.
The transaction is expected to reduce Swedbank’s Common Equity Tier 1 capital ratio by approximately 30 basis points upon completion. Swedbank indicated this impact aligns with its 15/27 business plan.
Jan Haglund, CEO of Entercard, noted the company has experienced strong growth over the past two decades and expects new business opportunities as a full part of Swedbank.
The acquisition remains subject to regulatory approvals from relevant authorities.
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