Intesa Sanpaolo, the largest bank by total assets and the biggest lender in Italy, is to sell its entire stake in payments group Nexi.
Nexi, formerly known as the Istituto Centrale delle Banche Popolari Italiane, experienced a rally in shares following its better than expected quarterly results last week. Its shares closed at €9.76 on Monday, up from €8.916 last Wednesday.
Capitalising on the share rally, Intesa sold its 5.1% stake in Nexi at €8.70 per share through an accelerated book-building process. The bank said that it had earned €584 million from the deal.
Intesa bought a 9.9% stake in Nexi in 2020 for 653 million as part of a broader €1 billion deal where Intesa sold its retailers’ payment business to Nexi and agreed a 25-year partnership with the bank. Intesa’s holding subsequently shrunk when Nexi merged with Nets and SIA and issued new shares.
Intesa did not say what it would use the proceeds towards, but said that the 25-year partnership would be unaffected by the sale.
Latest News
-
OpenAI and Stripe bring direct purchasing to ChatGPT
-
Visa launches new hub to boost AI in commercial payments
-
Lloyd’s partners with Ireland’s Department of Finance for InsurTech innovation
-
JPMorgan fraud case sees Frank founder Charlie Javice jailed for seven years
-
Moneybox scales homebuyer offering with First Mortgage partnership
-
Deutsche Bank completes first euro cross-border payment via blockchain
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories