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Investing.com -- Barclays PLC (LON:BARC) said Thursday it has agreed to sell its entire shareholding in Entercard Group AB to joint venture partner Swedbank AB (OTC:SWDBY) for approximately SEK2.6 billion ($300 million).
The transaction involves Barclays’ wholly-owned subsidiary Barclays Principal Investments Limited (BPIL) divesting its stake in the consumer credit provider at book value, which equals half of Entercard’s net assets as of March 31, 2025.
Entercard, established as a joint venture in 2005, provides consumer credit to customers across Sweden, Norway, Denmark and Finland. As of March 31, the company had total assets of SEK36 billion, primarily consisting of card and loan receivables.
The sale is expected to release approximately £0.9 billion of risk-weighted assets (RWAs), increasing Barclays’ CET1 ratio by approximately 4 basis points upon completion, according to Barclays.
The transaction is anticipated to be finalized by the end of 2025, pending relevant buyer regulatory and competition approvals, Barclays said.
As part of the deal, Entercard will repay funding of approximately £1.2 billion currently provided by Barclays Bank.