Spanish Bank Sabadell Begins Discussions to Sell Payments Arm
Spanish financial services company Banco Sabadell is in discussions to sell its payments business and has thus far received bids from three companies, according to published reports.
The Barcelona-based bank has gotten offers from American financial services firm Fiserv, the French company Worldline and Italy's Nexi in a deal valued at $394 million. Sabadell is reportedly planning to come up with a shortlist of bidders early next month.
Read more: Spanish Banking Group Sabadell Considers Selling Payments Business
That number is in line with figures quoted in February when Sadabell first began exploring the sale of its payments operations in a deal valued at between $284 million to $397 million.
The bank has reportedly been attempting to sell off some of its operations since a planned merger with rival Banco Bilbao Vizcaya Argentaria SA, fell apart in 2020 in a dispute over price.
Since then, Sabadell the company, has been trying to focus on retail banking at home and sell its international assets to the U.K., where it owns TSB Bank.
Sadabell was not immediately available for comment Friday (Sept. 23).
The news comes days after Citigroup said it would end its U.K. retail banking operations to move its focus to its wealthiest customers.
Learn more: Citi to Exit UK Retail Banking, Focus on Wealthiest Customers
The banking giant said it had invited those clients to begin using its private banking services as it scales down its retail business. Customers who don’t fit the criteria for this new service will have their accounts closed.
“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” the bank said in a statement. “No final decision can be taken until that process concludes.”
The bank has said that an “overwhelming majority of clients would not be affected until 2023.” Citi has a sole British branch, headquartered at Canary Wharf in London.
See also: After Closing Citibanamex, Citi Will Invest in Firms That Match Its ‘Core Strengths’
In January, Citi said it was making changes to its business structure as a piece of a larger strategy to shift away from global retail banking. That meant closing its Mexican retail banking arm, Citibanamex, and selling off consumer banks in Vietnam, Malaysia, Thailand and Indonesia to United Overseas Bank, based in Singapore.