Unicaja negocia los últimos flecos para hacerse con WiZink

The Spanish bank Unicaja is in the final stages of negotiating to acquire the consumer finance specialist WiZink, according to financial sources. The complex transaction hinges on the Spanish central bank's guarantee of a bad bank for WiZink's revolving credit portfolio, which is currently under judicial scrutiny for allegedly charging abusive interest rates.

This liability will be handled by the venture capital firm Vérdé Partners, who are majority shareholders in WiZink through the Aneto company. The good bank being sold includes WiZink's core credit technology platform, fintech Aplazame and Lendrock, as well as its Portuguese business, which is non-controversial due to the country's long-standing regulation of revolving credit cards.

The deal would mark Unicaja's first foray outside of Spain. Should an agreement be reached, the Malaga-based entity would be offering WiZink an undisclosed price, but one that is projected to be lower than the company's book value, as confirmed by financial sources. WiZink boasts a net worth of 420 million euros. The two parties are currently finalizing the final price adjustments before presenting the offer to Unicaja's board.

Unicaja's legal counsel, PwC, completed the due diligence, while Uría is serving as legal advisor. WiZink's CEO, Iheb Nafaa, stepped down last month due to personal reasons, and is now succeeded by President Joaquim Saurina. The digital bank has been operating at a loss for six years due to massive provisions (up to 600 million euros) set aside to cover its liabilities from the abusive interest rate charges on its Portuguese revolving credit cards, which were its signature product for nearly a decade.

The cumulative losses stand at 361 million euros, with a further 3 million lost in the first half of 2026. Vérdé Partners has been trying to sell WiZink unsuccessfully for years, attempting to list the company on the stock market and sell its fintech Aplazame separately before pursuing a Portuguese financing business sale. WiZink was founded from a combination of Citi (absorbed by Popular) and Barclaycard's Portuguese operations and currently has 1.5 million customers with a total current account and deposit balance worth 2.5 billion euros.

Three years ago, Chinese e-commerce giant Aliexpress chose WiZink as its European credit card partner to launch its first European credit card. The digital bank has recently secured a significant strategic partnership with Dia, which will become the issuer of a credit card targeted at their 6 million club members. This type of credit card alliance is highly strategic for consumer finance entities.

In Portugal, WiZink recently renewed its sponsorship and media partnership alliance with Portuguese football club Sport Lisboa e Benfica (Benfica), under which WiZink will issue their credit card. WiZink has also expanded its footprint in Spain, with its subsidiary Aplazame experiencing significant growth, as well as Lendrock, which specializes in second-hand car financing.

WiZink's delinquency management in consumer finance has been highly efficient in recent years, with delinquency rates falling after legal clarifications from the Supreme Court in the past two years. Revolving credit now makes up half of its total credit portfolio, worth 2.6 billion euros. WiZink's subsidiary Aplazame has grown substantially, as has Lendrock, its second-hand car financing subsidiary.

WiZink has an efficient delinquency management model in consumer finance. The company recently shed non-performing credit portfolios totaling 237 million euros and liquidated its debt collection subsidiary WiZink Management, which employed 65 people. WiZink also deconsolidated its information technology development division. The company has since moved its 480 employees to a new office near Madrid's Ifema.

Unicaja recently terminated its 10-year lease on a building downtown and is now operating from a nearby Ifema location. The bank has also terminated its contract with Zelenza Cex for managing its call center.