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Barclays Exploring Options for Payments Unit

Barclays Exploring Options for Payments Unit

(7 June 2023 - United Kingdom) Barclays is reviewing its payments businesses, calling in consultants to examine options for areas such as card issuing and merchant services, according to Reuters.

The British bank could expand some payments areas or combine them with other providers through a merger or joint venture, says Reuters, citing sources.

It has already enlisted at least one major consultancy firm and could hire others for the review, which is in its early stages and may not lead to any changes.

A Barclays spokesperson tells Reuters that "growing our global payments business is a priority for us".

Earlier this year, Banco Sabadell sold an 80% stake in its payments unit Paycomet to Nexi for €280 million and inked a 10-year exclusive distribution deal with the Italian firm.

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