Register for The Paypers news Follow The Paypers on LinkedIn! Follow The Paypers on Twitter! Follow The Paypers on Facebook! Follow The Paypers on Google+!
The Paypers, paypers, Insight in payments, News, Reports, Events

UniCredit, SIA to finalize the sale of card processing activities in Italy, Germany and Austria

Wednesday 28 December 2016 | 11:47 AM CET

UniCredit Business Integrated Solutions (Ubis) and SIA have closed the sale of the card processing activities in Italy, Germany and Austria for a consideration of EUR 500 million.

The transaction generates a consolidated net capital gain of around EUR 440 million for UniCredit in 2016, with an expected positive impact on the fully loaded CET1 ratio of about 12 bps.

At the same time, the Group has agreed to enter into a 10-year outsourcing contract with SIA for the provision of card processing services. The deal allows UniCredit to exit a non-core activity while retaining access to a high-quality service and the economies of scale which SIA may achieve.

The sale of the card processing activities is part of the strategic approach first announced on 11th July 2016 and further in line with the key objectives of the Transform 2019 plan presented at the Investor day on 13th December; of which one is to focus on strengthening and optimizing capital for the bank.

Print | Contact editor | Mail
© 2017 The Paypers
More: Abstract | Link