Intesa Sanpaolo to sell payment unit for $1.2bn

Intesa Sanpaolo has agreed to sell its payments units Setefi and Intesa Sanpaolo Card.

Intesa Sanpaolo to sell payment unit for $1.2bn

Italian banking group Intesa Sanpaolo has agreed to sell its payments units Setefi and Intesa Sanpaolo Card for EUR1.03bn ($1.2bn) to a consortium comprising private-equity funds Advent, Bain Capital and Clessidra.

Setefi and Intesa Sanpaolo Card carry out processing activities relating to payment instruments and operate, respectively, in Italy and in the other countries where Intesa Sanpaolo has a presence.

The bank said that the deal will generate a net capital gain of around EUR895m for its consolidated income statement in 2016.

As part of the agreement, the lender will continue using the card and payment processing services for 10 years.

Subject to customary regulatory authorisations, the transaction is expected to close by the end of 2016.