18 October 2017
Register now

MasterCard to launch French venture

08 January 2008  |  11865 views  |  0 MasterCard web screen shot

MasterCard Europe and EuroPay have signed an agreement to integrate their respective operating structures in France and establish a new company that will provide electronic payments services to financial institutions across the country.

Terms of the deal have not been disclosed.

MasterCard and Europay combined their respective European operations under a merger deal signed in 2002. However, under that agreement Europay France has acted as a liaison between MasterCard Worldwide and financial institutions in France.

Under the new deal, slated to be completed on 1 April, MasterCard's operations in France will be combined with the Europay France unit to form a new company headed by MasterCard's Emmanuel Petit.

Petit joined MasterCard in 2002 and most recently led the firm's relationship with a European banking client. He will be responsible for managing the integration process, before assuming the role of general manager in April. He will report to Alfredo Gangotena, GM, Continental Europe, MasterCard Europe.

MasterCard's country manager in France, Herve Kergoat, will assist Petit during the transition before becoming head of business development, special projects in April.

Gangotena says the agreement with Europay France "is essential to strengthening our direct presence in this market, and ensuring that French banks can have a single point of contact for their electronic payment needs".

"This will strengthen French banks in the intensely competitive international marketplace and they will further benefit from a payments system unrivalled in terms of both reliability and efficiency," he adds.

MasterCard says the move is particularly timely, given the establishment of a single euro payment Area (Sepa). The influence of Sepa has already directly impacted the French domestic market by allowing the issuance of co-branded cards in France since October 2007, says the card network.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

MasterCard appeals to consumers over interchange ruling

MasterCard appeals to consumers over interchange ruling

20 December 2007  |  12142 views  |  0 comments
EC orders MasterCard to drop interchange fee structure

EC orders MasterCard to drop interchange fee structure

19 December 2007  |  14545 views  |  0 comments
European cardholders unmoved by Sepa - Mastercard

European cardholders unmoved by Sepa - Mastercard

22 March 2007  |  8523 views  |  0 comments
MasterCard completes Europay merger

MasterCard completes Europay merger

01 July 2002  |  6171 views  |  0 comments
MasterCard and Europay agree merger proposal

MasterCard and Europay agree merger proposal

06 June 2001  |  4418 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15145 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8358 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7861 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7293 views comments | 13 tweets | 8 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6439 views comments | 8 tweets | 16 linkedin

Featured job

Find your next job