Banco Sabadell announced on Monday that it has entered into an agreement with Nexi, a leading European payment technology group, to sell its Paycomet subsidiary, the unit responsible for marketing the card payment service across workplaces and websites, for a total consideration of 280 million euros. The deal aims to strengthen Sabadell’s competitive position in the payments segment while preserving opportunities to capitalize on the transfer of expertise and technology that can accelerate growth in this critical area. The transaction follows Sabadell’s decision to divest a portion of its fund management business to Amundi in a move that underscores its strategic focus on core payments capabilities and digital platforms.
The decision comes after a competitive process in which several players participated, including the French group Worldline. Nexi emerged as the preferred partner in this round, consolidating its position as a European leader in the payments industry. The alliance could extend up to ten years, enabling Sabadell to access the latest technology and strengthen the value proposition offered to customers in a market where the bank already holds a substantial share. According to data presented in the bank’s results presentation, Sabadell operates approximately 12,236 point-of-sale terminals across Spain, representing around 20% of the national total. The network processed a sizable volume of transactions, totaling roughly 47,451 million euros, which accounts for about 16.9% of the countrywide activity.
Sabadell’s presence in Alicante: roughly 5.6 billion euros in new lending annually
By comparison, Sabadell’s overall market share in the Spanish financial sector stands around 10% according to the organization’s own figures. The deal includes Sabadell’s 80% stake in Paycomet, the payments subsidiary, for 280 million euros while Sabadell retains 20% ownership for a minimum period of three years. After this lock-in period, Sabadell holds a put option on the remaining 20%, with the total transaction value pegged at 350 million euros and subject to potential adjustments tied to performance targets.
Economies of scale form a core pillar of the agreement. Sabadell’s Chief Executive Officer for Business Banking and Network noted that the partnership promises cost efficiencies, access to advanced technology, and a higher standard of service for customers. The Nexi side, led by its chief executive, highlighted the strategic importance of deepening a footprint in Spain, viewing the collaboration as a solid stepping stone toward sustained growth in Europe’s payments market. The emphasis on scale and technology is expected to drive better service quality and more competitive pricing for merchants and cardholders alike.
Sabadell’s pricing strategy and future profits after the deal
Subject to the necessary regulatory approvals, the transaction is anticipated to positively affect the bank’s CET1 capital by a modest margin at the closing date projected for late 2023, with a favorable contribution to the income statement anticipated from the outset. The overall impact is seen as a catalyst for Sabadell’s ongoing transformation strategy, aligning its offerings with evolving merchant and consumer needs in a digitally oriented payments landscape.