Salem Radio Network News Wednesday, July 28, 2021

Business

Caixabank sells Bankia businesses to Global Payments for 277 million euros

MADRID (Reuters) – Spain’s largest domestic bank Caixabank said on Friday it agreed to sell two businesses from its recently acquired rival Bankia to Global Payments units for a combined amount of 277 million euros ($328 million).

Caixabank agreed to sell a unit that processes payments for retailers to Comercia Global Payments, a local unit of Global Payments, for 260 million euros.

Caixabank owns a 20% stake in Comercia Global Payments.

The bank also sold a pre-paid card business to Global Payments MoneytoPay for 17 million euros. Caixabank holds a 49% stake in that unit.

The sales will generate a 187 million euro profit, the bank said in a statement.

Caixabank became the country’s largest domestic bank in assets in March when it closed its acquisition of smaller rival Bankia.

($1 = 0.8447 euros)

(Reporting by Cristina Galan and Inti Landauro; editing by Jason Neely)

Previous
Next

Editorial Cartoons

View More »

Steve Breen
Thu, Jul 22, 2021

X CLOSE