According to media reports, Spanish financial services giant Banco Sabadell is in discussions to sell its payments section and has received bids from three companies.
The Barcelona-based bank got offers of $394 million from American financial services firm Fiserv, French company Worldline, and Italy’s Nexi. Sabadell is anticipated to offer a bidder shortlist early next month.
As it scales back its retail operations, the banking behemoth has invited customers to start using its private banking services. Customers’ accounts will be terminated if they do not satisfy the requirements for this new service.
“Citi has begun the process of jointly exploring the notion in further depth with a team of its UK retail bank,” the bank said in a statement. “Until the operation is done, no final decision may be made.”
The “vast majority of clients” would not be affected until 2023, according to the bank. Citi has a single branch in the United Kingdom, which is located in Canary Wharf, London.
According to the research, 62% of Americans anticipate a recession within the next two years, with 48% expecting one within the next year.
Consumers who are struggling financially are more likely to believe that the United States is already in a recession, including 34% of those who struggle to make monthly payments and 29% of those earning less than $50,000 a year.
In January, Citi announced changes to its business structure as part of a larger move to shift away from global retail banking. This included the liquidation of Citibanamex, its Mexican retail banking arm, and the sale of consumer banks in Vietnam, Malaysia, Thailand, and Indonesia to Singapore-based United Overseas Bank.