Entercard - a wholly-owned subsidiary of Swedbank - has entered into an agreement to sell the non-performing part of its consumer finance portfolio to Brocc Finance and Intrum. The non-performing portfolio amounts to around SEK 4 billion.
To Swedbank, the sale will have the following financial effects:
· A positive revaluation of expected credit losses of approximately SEK 0.5 billion to be recognised in the third quarter · A capital benefit of approximately 3-5 basis points at close · Approximately SEK 100 million lower annual net interest income
The transaction is expected to close in the fourth quarter, subject to customary closing conditions and regulatory approvals.
Contact
Maria Caneman, Head of Investor Relations, phone: +46 72 238 32 10, e-mail:
maria.caneman@swedbank.se
Love Liman Jacobsson, Press Officer, phone: +46 72 233 92 32, e-mail:
love.liman.jacobsson@swedbank.se
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