Spanish bank Banco Sabadell announced the sale of 80% of the shares of its Paycomet payment division to the Italian company Nexi.
The value of this transaction amounted to 280 million euros. Also, the financial institution and the company signed an exclusive distribution agreement, the validity period of which is 10 years. The agreement can be extended twice. Each of the extensions of the validity period of the document is designed for 5 years.
The acquisition of most of the shares of the payment division allows Nexi to strengthen its position in the Spanish financial services market. As of December last year, this company has acquired more than 380 thousand retail outlets. The total volume of the firm’s transactions, relevant for the end of 2022, amounted to about $ 48 billion. According to preliminary estimates, the commercial acquiring business will bring the company a profit of about 30 million euros.
Paolo Bertoluzzo, CEO of Nexi, says that the partnership with the bank allows starting actively developing the company in the Spanish financial market, which the firm considers a promising space for the introduction of digital payments with the potential for long-term sustainable growth. The head of the company also noted that the Spanish financial services market has many similarities with the Italian market.
Carlos Ventura, CEO of Banco Sabadell, stated that the share sale agreement provides the financial institution with savings and increases the effectiveness of the bank’s value proposition. He also noted that the money received as a result of the transaction will be used to introduce new technological solutions that will improve the quality of customer service.
Nexi was founded in 1939. Initially, the firm functioned as a traditional bank. Currently, the company specializes in payment systems.
Banco Sabadell was founded in 1881. As of the end of 2014, the financial institution had more than 2,000 branches and 17,500 employees.
As we have reported earlier, Tesco Considers Selling Its Banking Arm.