EuroConex to buy Citibank Card Acceptance

EuroConex to buy Citibank Card Acceptance

EuroConex Technologies, an Ireland-based payment processing subsidiary of Nova Information Systems has signed a definitive agreement to buy Citibank Card Acceptance (CCA), the European card acquiring buisness of Citigroup, for an undisclosed sum.

EuroConex says the acquisition involves approximately 100,000 merchant locations in more than 31 countries and CCA operations the UK, Germany and Belgium. Under the deal, approximately 160 CCA employees will be transferred to EuroConex.

Nova says the acquisition is part of the company's strategy to increase its European footprint. It says CCA has a significant payment processing presence in the region, where multi-currency and cross-border acquiring is expected to grow rapidly.

Stuart Harvey, president, Nova and chairman, euroConex, says "This acquisition is our most significant move yet to expand our share of the pan-European acquiring market and gain a large piece of that growing business."

The acquisition, which is subject to regulatory approvals, is expected to be completed by the end of 2005.

Frits Seegers, CEO, Emea, Citigroup Global Consumer Group, says the transaction advances Citigroup's goal of putting capital to work in businesses with the greatest growth potential - credit card issuance, retail banking and consumer finance.

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