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
-
BPCE agrees to acquire Novo Banco in €6.4 billion deal
-
Klarna partners with AI gifting platform to launch loyalty rewards
-
Shopify partners with Coinbase and Stripe to launch stablecoin payments for merchants
-
FStech stages successful Future of FinTech 2025 conference
-
NatWest to shut 55 more branches as customers voice concerns over digital shift
-
Barclays joins forces with Microsoft and Nvidia to launch London Innovation Hub
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: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories