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Report: Intesa Sanpaolo nears sale of payments unit Setefi

IntesaSanpaolo SpA is in final discussions to sell payments subsidiarySetefi to Istituto Centraledelle Banche Popolari Italiane SpA for about €1 billion, Reuters reported.

"A source familiar with the matter" told thenewswire April 27 that ICBPI owners Bain Capital and Advent placed a bid higherthan the offer made by Italian payment services company SIA. A deal could befinalized in the coming days.

The sale values the unit at more than 10x its EBITDA ofapproximately €100 million a year, two sources told Reuters.

Setefi, which operates in France, Germany, Spain,Switzerland and the U.K., manages electronic payments for 15 million creditcards, majority of which are issued by Intesa. It handled 995 million creditcard transactions worth €68.9 billion in 2015, Reuters noted.

Intesa and UBS Group are leading the sale, the newswireadded.