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May 19, 2020

Swedbank looking to divest payments business amidst Covid-19 uncertainties

Swedbank is reportedly considering various alternatives for its payments business including a probable divestment.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
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by GlobalData
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Options considered by Sweden’s oldest savings bank include selling part or entire interest in the business, Bloomberg reported citing undisclosed sources familiar with the development.

Among the options being considered are strategic partnerships, the report said.

The talks currently are at a very preliminary stage.

he Bloomberg report says that Swedbank could possibly start evaluating offers in the second half of this year.

This year, Swedbank’s shares have plummeted 27%, offering it a market value of about $12bn.

The stake sale is said to be part of the company’s strategy to weather the impact of the Covid-19 outbreak on its business and the financial impact of money-laundering investigations.

Swedbank, like other lenders in the country, is gearing up for higher impairments on loans that may sour in the wake of the prevailing health crisis.

The Bloomberg report added that no final call has been taken yet by the bank.

Swedbank refused to offer comment over the report.

Last month, Swedbank said that it would set aside $224bn for credit provisions in the first quarter, primarily related to the ongoing pandemic.

The banking group is already being probed by regulators for facilitating doubtful money flows into the West through the eastern outposts of Nordic banks.

Last year, Intesa Sanpaolo brokered a deal to divest its payment systems arm to Nexi in a deal valued $1.1bn.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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