Swedbank completes acquisition of Entercard

01 Dec 2025 18:00 CET

Swedbank has today completed the acquisition of Entercard and is now the sole
owner of the company.

"We are now forming the largest card business in the Nordic-Baltic region. With
this acquisition, we create more business opportunities with a focus on customer
value," says Tomas Hedberg, Deputy CEO at Swedbank.

The acquisition will enable an integrated customer offering, strengthening the
overall experience for Swedbank's existing customers and opening opportunities
for increased cross-selling.

Integration of IT infrastructure and consolidation of expertise in cards and
consumer loans are expected to contribute to efficiency gains.

Entercard will continue to operate under its own brand.

Financial Information

Entercard's financial results will be consolidated into Swedbank as of 1
December 2025.

The purchase price at closing was approximately SEK 2.75 billion.

The transaction is expected to negatively impact Swedbank's Common Equity Tier 1
(CET1) capital ratio by about 40 basis points, mainly due to an increased risk
-weighted exposure amount, and goodwill.

The consolidation will also result in a one-off effect on Swedbank's Stage 1
credit loss provisions of approximately SEK 0.4 billion.

Entercard's lending to the public amounted to SEK 29.7 billion at the end of the
third quarter. For the first three quarters of 2025, total revenues were SEK 2.2
billion and total costs were SEK 1.1 billion.

The credit card business, which accounts for 70 per cent of Entercard's
revenues, shows strong and stable profitability as well as low levels of credit
impairments.

The consumer loan business has historically generated the majority of credit
impairments. The risk level will be aligned with Swedbank's more conservative
risk appetite.

Entercard is expected, in the medium term, to contribute positively to the
Group's return on equity. For 2026, the acquisition - excluding integration
costs - is expected to have a marginally negative impact on the Group's return
on equity, slightly strengthen earnings per share, and, given current
conditions, affect credit loss levels by approximately 1-2 basis points.

About Entercard

Entercard has approximately 450 employees and 1.5 million customers, and is one
of the Nordic region's leading credit market companies.

The company offers card products and consumer loans in partnership with
collaborators in Sweden, Norway, Denmark, and Finland.

Swedbank and Barclays jointly owned Entercard from 2005 to 2025.

Find out more at entercard.com.

Contact

Maria Caneman, Head of Investor Relations
Telefon: +46 72 238 32 10
E-post: maria.caneman@swedbank.se

Hannes Mård, Head of Press
Telefon: +46 73 057 41 95
E-post: hannes.mard@swedbank.se

Swedbank empowers the many people and businesses to create a better future. Our
vision is a financially sound and sustainable society. Swedbank Group is the
leading bank with over 7 million retail customers and 550 000 corporate
customers in our four home markets Sweden, Estonia, Latvia and Lithuania.
Swedbank Group is also present in other Nordic countries, the U.S. and China.
Together we make your financial life easier. Find out more: www.swedbank.com

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