The indicative bids reportedly value the payments unit at up to €400m.
Sabadell will assess the offers at its board meeting to be held in late September, following which it will shortlist the final bidders in early October, said sources.
In the final stages of the auction, the bank “will allow bidders to carry out due diligence on the unit”.
The sale of the payments arm is likely to be finalised in December this year. This will lead to a long-term partnership between the buyer and Sabadell.
Following the deal, Sabadell will have an “exclusive right to commercialise loans or financial transactions”.
The news agency, quoting two sources, said Barclays, which is in charge of the sale, has not invited bids from private equity funds.
Only key industry firms such as US’ PayPal, Fidelity National Information Services and Network International were invited to compete. As per a source, Sabadell’s payments arm, which mainly deals with consumer lending, has core earnings of over €30m.