Four Italian banks have agreed to sell a combined 59.3% stake in European payment firm SIA, UniCredit said in a statement on Monday. The said stake was sold to Fondo Strategico Italiano, Orizzonte SGR, and F2i SGR, according to 4Traders.

UniCredit, Banca Monte dei Paschi di Siena SpA, BNP Paribas' BNL, and Intesa Sanpaolo SpA did not disclose the value of the said deal. However, the statement said the four banks sold the stake based on an equity value of EUR765 million (USD1.04 billion) for SIA, the report said.

The statement also detailed that Intesa held 28.9% of the stake sold. UniCredit held 20.1%, Banca Monte dei Paschi di Siena held 5.8%, and BNL held 4.5% of the said stake, said the report.

As a result of the deal, Fondo Strategico Italiano will have 42.3% shareholdings in SIA. F2i SGR will have 10.3% and Orizzonte SGR will have the remaining 6.7%, the report detailed.

UniCredit and Intesa Sanpaolo will retain a 4% stake each. BNL and Banca Monte dei Paschi di Siena will exit from all their shares. The other shareholders will retain the remaining 32.7% of the share capital in SIA, the report stated.

The sale is expected to be completed by mid-2014, 4 Traders reported.