Swedbank today reached an agreement to acquire Barclays’ ownership stake in Entercard. As a result, Entercard will become a wholly owned subsidiary of Swedbank.

“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. This creates even greater opportunities to strengthen our customer offering,” says Tomas Hedberg, Deputy CEO of Swedbank.

Entercard is one of the leading credit market companies in the Nordics, offering card products and consumer loans with partnerships in Norway, Sweden, Denmark and Finland.

Swedbank and Barclays have co-owned Entercard since 2005. Entercard currently has approximately 450 employees and 1.5 million customers, and will continue to operate under its own brand.

“For 20 years, Entercard has been on a strong growth journey. Becoming a full part of Swedbank, the leading financial group in Sweden and the Baltics, creates new business opportunities to further strengthen our operations,” says Jan Haglund, CEO of Entercard.

The purchase price is based on the amount corresponding to 50% of Entercard’s equity at the time of acquisition. In the first quarter of 2025, the company’s total equity amounted to approximately SEK 5.2 billion.

The acquisition is expected to negatively impact Swedbank’s Common Equity Tier 1 capital ratio by approximately 30 basis points upon completion of the transaction, and is a natural consequence of Swedbank’s 15/27 business plan.

The deal is subject to approval by the relevant authorities.