Intesa Sanpaolo looks to sell off EUR1bn payments unit

Intesa Sanpaolo looks to sell off EUR1bn payments unit

Italian bank Intesa SanPaolo is talking to potential buyers as it looks to offload its payments division Setefi for around EUR1 billion, according to Reuters.

Citing five sources, Reuters says that Italian payments outfits Istituto Centrale della Banche Popolari (ICBPI) and SIA have both made offers for Setefi and that a decision on any sale could be reached next week.

Last year Setefi handled nearly a billion credit card transactions worth EUR69 billion. Although its main business is in Italy it also operates in Austria, France, Germany, Spain, Switzerland and the UK.

According to Reuters, a deal with SIA could be complicated because Intesa holds a minority stake in the firm, which is considering a flotation - but only after any acquisition of Setefi.

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