Collector AB (publ) agreed to divest its entire stake in venture capital arm Collector Ventures KB to NFT Ventures, its joint venture partner in the company.

The Swedish digital bank will sell the shares for 330 million kronor on a cash basis, with the amount to be partly financed by a loan from Collector Bank AB.

The deal is expected to complete in the first quarter of 2021, subject to approval from the Swedish Financial Supervisory Authority.

Collector said it expects the disposal to have a limited effect on its results and financial position. The divestment is part of efforts to streamline the company, which will continue to focus on its core business and on improving profitability, according to CEO Martin Nossman.

As of Sept. 10, US$1 was equivalent to 8.74 Swedish kronor.