Unicredit sells e-money processing unit to SIA

Unicredit sells e-money processing unit to SIA

Unicredit has signed an agreement to sell its e-money processing unit to payments vendor SIA for €500m.

The deal involves the sale the Italian group’s processing activities of around 13.5m payment cards and the management of 206,000 POS terminals and 12,000 ATMs in Italy, Germany and Austria.

Unicredit said this acquisition, which is expected to close by end-2016, will result in the revenue increase by over 20% (according to 2015 pro-forma figures) and an increase in card payment transactions from 4bn to over 5bn.

According to Reuters, the sale underpins Unicredit’s commitment to seize opportunities in line with a renewed focus on strictly disciplined capital management and capital optimisation actions.

SIA has also signed a ten-year outsourcing contract from Unicredit for the supply of processing services for transactions made using debit, credit and prepaid cards, and for the management of POS and ATM terminals.

“Through this operation we are continuing to strengthen our European leadership, to increase payment transaction volumes and to achieve greater economies of scale” said Massimo Arrighetti, CEO of SIA.

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