According to published sources, Spanish financial services major Banco Sabadell is in talks to sell its payments division and has received proposals from three companies.
In a $394 million sale, the Barcelona-based bank received bids from American financial services firm Fiserv, French company Worldline, and Italy’s Nexi. Sabadell is expected to provide a shortlist of bidders early next month.
As it reduces its retail operations, the banking behemoth has asked those consumers to begin utilizing its private banking services. Customers whose accounts do not meet the requirements for this new service will have their accounts canceled.
“Citi has initiated the process of collectively discussing in further detail with staff of its UK retail bank regarding the idea,” the bank said in a statement. “No final decision may be made until the procedure is completed.”
According to the bank, the “vast majority of consumers” would not be affected until 2023. Citi has a single British branch, which is based in Canary Wharf, London.
According to the study, 62% of Americans predict a recession within the next two years, and 48% believe one will occur within the next year. Consumers who are struggling financially are more likely to think that the United States is already in a recession, including 34% of those who struggle to pay their payments month to month and 29% of those who make less than $50,000 per year.
Citi announced changes to its business structure in January as part of a bigger effort to transition away from global retail banking. This entailed liquidating its Mexican retail banking unit, Citibanamex, and selling consumer banks in Vietnam, Malaysia, Thailand, and Indonesia to Singapore-based United Overseas Bank.
