Banco Sabadell announced this Monday that it has entered into a deal with Banco Sabadell. italian nexi sell you 80% of payment partnerthat is, the department responsible for the marketing of the card payment service in workplaces and websites, 280 million €. A transaction that the bank wants above all else, in addition to the proceeds from the transfer partner with an expert on the issue that allows it to improve its competitive position in the segment, as it has done before. sell your fund business to Amundi, or with this hireawarded the prize ADL.
Decision comes later competitive process opened by the business and joined by other companies such as the French Worldline. The last chosen one was Italian Nexi, the European leader in the sector.
deal one alliance can be extended by ten yearswill enable the bank to access the latest technology in the industry and enhance the value proposition it offers to its customers in a segment where it already has a significant market share. In particular, according to data provided by CEO César González-Bueno in the organization’s final presentation of its results, Sabadell currently controls 12,236 POS throughout Spain, that is About 20% of the total installed in Spain. some terminals channeled up 47,451 million euros in transactions, 16.9% of the national total.
By comparison, according to the organization’s sources, Sabadell’s global market share in the Spanish financial market is approximately 10%.
This transaction includes its purchase by Nexi. 80% of Paycomet –as the Sabadell payments subsidiary is called-, for 280m euros. the bank will hold 20% shares for at least three years. After this period, Banco Sabadell has a put option of 20% in question, i.e. The total amount of the transaction was determined as 350 million. Euro, which can be expanded depending on the achievement of targets.
economies of scale
General Manager of Banco Sabadell Business Banking and Network, Carlos Ventura“This agreement includes: economies of scale and greater cost efficiency to our offer, higher quality in technological solutions and specialization, all this to continue improving the service provided to our customers”.
If the CEO of Nexi, Paolo BertoluzzoHe underlines that the agreement allows him to enter a strong position in Spain. great potential for profitable and sustainable growth very similar to Italy in the long run.” Thus, the manager stressed that this alliance expands growth opportunities and sees it as a “very important step forward” in his strategy as the leader of the payments sector in Europe.
Subject to relevant required approvals, the transaction will have a positive impact of 14 basis points on Banco Sabadell’s fully loaded CET1 capital at the scheduled closing date for the fourth quarter of 2023. Likewise, the transaction is expected to contribute significantly. positive to the income statement since the first year.