ANZ Enters JV with European Payments Company Worldline -- Update
15 December 2020 - 9:53AM
Dow Jones News
By Alice Uribe
SYDNEY--Australia and New Zealand Banking Group Ltd. has formed
a joint venture with European payments company Worldline to provide
payments technology and merchant services in Australia.
The Australian bank said Tuesday the tieup involves the
formation of a newly created merchant acquiring group. ANZ will
have a 49% stake, and Worldline holding a 51% controlling
interest.
The new entity will provide access to technology point-of-sale
and online payments to small business, commercial and institutional
customers in Australia.
"Through this joint venture we will further enhance our
capability as a leading transaction bank while continuing to manage
customer relationships for broader banking needs. This is another
example of our strategy to create a simpler and more digitally
focused bank," said Mark Hand, ANZ Executive Australia Retail and
Commercial.
In setting up the joint venture, Worldline said it has paid 485
million Australian dollars (US$365.4 million) for a 51% stake in
ANZ's commercial acquiring business.
"I am very honored that Worldline has been selected by ANZ to
take over the control of its merchant acquiring business as the
long term partner of choice to deliver state-of-the-art products
and services to its very large portfolio of merchant customers,"
said Gilles Grapinet, Worldline's Chief Executive.
"Australia is a highly attractive strategic market as it is very
close to Europe in terms of market structure, standards and
technology, with a high level adoption of electronic payments," he
said.
ANZ estimated that 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
approvals and card scheme arrangements
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
December 14, 2020 17:38 ET (22:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Australia And New Zealan... (ASX:ANZ)
Historical Stock Chart
From Oct 2024 to Nov 2024
Australia And New Zealan... (ASX:ANZ)
Historical Stock Chart
From Nov 2023 to Nov 2024
