STOCKHOLM: Swedbank said on Thursday it has agreed to acquire Barclays’ 50% stake in Entercard, making the Nordic credit company a wholly owned subsidiary and forming what it called the largest card business in the Nordics and Baltics.
The deal marks the end of a two-decade partnership between Swedbank and Barclays, which co-founded Entercard in 2005. Entercard currently serves 1.5 million customers across Norway, Sweden, Denmark and Finland, and will continue operating under its own brand.
“Today we are forming the largest card business in the Nordics and Baltics,” said Tomas Hedberg, Deputy CEO of Swedbank. “This creates even greater opportunities to strengthen our customer offering.”
Entercard has approximately 450 employees and offers credit cards and consumer loans through regional partnerships. Its total equity stood at SEK 5.2 billion ($490 million) in Q1 2025, implying a purchase price of around SEK 2.6 billion for Barclays’ stake.
Swedbank said the acquisition would reduce its Common Equity Tier 1 capital ratio by about 30 basis points upon completion, aligning with its 15/27 strategic business plan.
“For 20 years, Entercard has been on a strong growth journey,” said Jan Haglund, CEO of Entercard. “Becoming a full part of Swedbank creates new business opportunities to further strengthen our operations.”
The transaction is subject to regulatory approvals and is expected to close later this year.