FöreningsSparbanken (Swedbank) has reached an agreement with Terra Gruppen to acquire the remaining 35% of the shares in the Norwegian charge card company EnterCard for Nkr69 million.
Earlier this year FöreningsSparbanken acquired a 65% stake in EnterCard from Sparebank 1 Gruppen for Nkr129 million.
Swedbank president and CEO Birgitta Johansson-Hedberg comments: "The acquisition strengthens our position as the Nordic leader in card payment and administration services, at the same time that we can achieve good synergies with our Swedish card business."
As part of the deal, EnterCard has signed distribution agreements with SpareBank 1 and Terra member banks on the continued distribution of charge cards to their customers.
EnterCard was established in 2000 following the merger of Sparebankkort and Sparebank 1 Kreditkort. It issues all types of Visa and Master Card products, which are mainly distributed through the banks of SpareBank 1 and Terra Gruppen. Together, these banks have a market share of approximately 35% in Norway. EnterCard also has cooperation agreements with the association of Norwegian cooperative societies, the Norwegian Federation of Trade Unions and the Association of Norwegian Students Abroad.