Sweden's Handelsbanken offloads MasterCard stake
Swedish lender Handelsbanken has sold its stake in US-based card issuer and payments firm MasterCard
The divestiture will result in a total capital gain after tax of SEK620m ($75.6m) that will be included in the financial results for the first quarter of 2016.
The transaction will not impact the card operations at the Swedish bank, and will not affect the bank’s equity. It is also projected to minimise the bank’s risk exposure amount by SEK700m.
The bank acquired the MasterCard stake following the company’s transition from a member-owned organisation to a listed company.