STOCKHOLM (dpa-AFX) - Swedbank AB (SWED-A.ST), a Nordic-Baltic banking, on Thursday announced that it has agreed to acquire Barclays' ownership stake in Entercard, making Entercard a wholly owned subsidiary of the bank.
The purchase price is based on an amount corresponding to 50% of Entercard's equity at the time of acquisition. In the first quarter of 2025, the company's total equity was about SEK 5.2 billion.
Swedbank said the acquisition is expected to reduce its Common Equity Tier 1 capital ratio by around 30 basis points once completed, noting that the move aligns with its 15/27 business plan.
Swedbank and Barclays have co-owned Entercard since 2005. The company has about 450 employees and 1.5 million customers, and will continue to operate under its own brand.
On Wednesday, Swedbank closed trading, 1.65% lesser at SEK 268.30 on the Stockholm Stock Exchange.
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