Barclays has agreed to sell its stake in Entercard Group, the Nordic consumer credit provider, to joint venture partner Swedbank for 2.6 billion Swedish krona (£200 million).
The deal is part of the UK bank’s strategy to streamline its operations and dispose of non-core businesses. Barclays said the sale would release around £900 million in risk-weighted assets, lifting its common equity Tier 1 ratio by approximately four basis points.
The transaction, subject to regulatory approval, is expected to complete before the end of 2025.
Entercard, founded in 1999, is one of Scandinavia’s leading consumer credit businesses, issuing credit cards and consumer loans in Sweden, Norway and Denmark. Barclays has been gradually reducing its exposure to overseas retail ventures as it refocuses on its core UK and US banking operations.
The move follows the bank’s sale in April of most of its UK payments business to Brookfield Asset Management, underlining chief executive C.S. Venkatakrishnan’s push to strengthen the balance sheet and simplify the group’s portfolio.
For Swedbank, the acquisition consolidates full ownership of Entercard, deepening its position in the Nordic consumer finance market.
