Tuesday 15th December 2020
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ANZ today announced it will enter into a joint-venture with European-based payments leader Worldline to provide its small business, commercial and institutional customers in Australia with access to the latest technology for fast, reliable and more secure point-of-sale and online payments.
Worldline is the largest European player in payment services with a presence in 50 countries. It currently provides acquiring, payment processing, point-of-sale and other payment solutions to one million merchants and 1,200 banks and financial institutions globally.
The joint venture arrangement involves ANZ and Worldline forming a newly created merchant acquiring group, with ANZ and Worldline holding a 49% and 51% interest respectively.
ANZ estimates completion of the transaction will increase its Level 2 CET1 capital ratio by ~5 basis points. The transaction is expected to be completed in late 2021 and is subject to regulatory and other approvals and card scheme arrangements.
As part of the joint venture, ANZ and Worldline will enter into a long-term strategic alliance under which ANZ will exclusively refer new merchants to the joint venture, and the joint venture will exclusively refer merchants to ANZ for banking products. ANZ will be the exclusive provider of banking services to the joint venture, including providing certain financing facilities. The strategic alliance has an initial term of 10 years. The joint venture board will comprise five directors: three appointed by Worldline and two appointed by ANZ.
See the link below for more details:
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