Iccrea, FSI sign deal to develop Iccrea’s merchant acquiring unit BCC Pay

MILAN, Jan 31 (Reuters) – Italian cooperative bank Iccrea Banca and Italian fund FSI have signed an agreement to develop BCC Pay, the merchant acquiring activities unit of Iccrea, the two groups said in a joint statement on Monday.

The accord sees FSI investing in the unit to hold 60% of it, with the remaining 40% owned by Iccrea.

The deal will be worth up to 500 million euros ($560 million) and is expected to be concluded by summer 2022, the companies added.

(This story corrects to clarify in first paragraph it is FSI and not Fondo Strategico Italiano investing in BCC Pay)

($1 = 0.8933 euros)

Reporting by Elisa Anzolin, writing by Giulia Segreti; editing by Agnieszka Flak

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