SIA has completed the acquisition of UniCredit’s card processing business in Italy, Germany and Austria for €500m in cash.

The card processing unit is part of Unicredit Business Integrated Solutions (UBIS), an affiliate of UniCredit.

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The deal, announced in August 2016, offers SIA ownership of the processing activities of nearly 13.5 million payment cards, 206,000 POS terminals as well as 12,000 ATMs in Italy, Germany and Austria.

In addition, UniCredit inked a 10-year outsourcing contract with SIA for the supply of processing services related to transactions executed using debit, credit and prepaid cards, and for the management of POS and ATM terminals.

SIA CEO Massimo Arrighetti said: “This operation is characterized by its sustainable impact both from an economic point of view – because it will lead to a growth in size in 2017 of more than 20% of revenues (based on 2015 pro-forma figures) and to greater economies of scale – and a social point of view because the integration of UBIS activities and 382 people into SIA Group will not lead to a reduction in staff, as often happens with this kind of operation.”

UniCredit said that the deal would provide a consolidated net capital gain of about €440m for the group in 2016, and would boost its CET1 ratio by around 12 basis points.

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The latest sale forms part of UniCredit’s strategic approach to boost capital, which was announced in July 2016.

The bank sold minority stakes in Bank Pekao and its online bank FinecoBank in July 2016, and a 32.8% stake in Bank Pekao earlier this month as part of this plan.