Barclays PLC is cashing out of its Nordic consumer credit venture, announcing Thursday that it will sell its 50% stake in Entercard Group AB to Swedbank AB for 2.6 billion Swedish kronor ($273 million). The move gives Swedbank full control of the company as it looks to cement its grip on the region’s credit card market.
The transaction, payable in cash, is based on Entercard’s March 31 valuation of 5.2 billion kronor. Swedbank, listed on Nasdaq Stockholm, said the acquisition underscores its long-term strategy of strengthening its footprint across Scandinavia and the Baltics.
A Partnership Ends After Nearly Two Decades
Entercard has been a joint venture between Swedbank and Barclays since 2005, serving 1.5 million customers across Sweden, Norway, Denmark, and Finland, with around 450 employees. Despite the change in ownership, Swedbank said Entercard will continue operating under its existing brand.
Tomas Hedberg, Swedbank’s deputy chief executive, framed the deal as a power play:
“Through this acquisition, Swedbank continues to invest in and develop our business. This transaction creates the largest card business in the Nordic and Baltic region.”
Entercard’s CEO, Jan Haglund, echoed the sentiment, calling Swedbank “the leading financial group in Sweden and the Baltics” and saying full ownership will enable the company to further strengthen operations.
