Equens buys Commerzbank card unit montrada
07 September 2010 | 8467 views | 0
Commerzbank has agreed to sell montrada, its German card acquiring and network service provider, to Equens. Financial terms of the deal were not disclosed.
Montrada and its subsidiary BD-POS are based near Frankfurt, employing 60 staff, whose positions are unaffected by the acquisition, which is expected to be finalised in the next few weeks subject to regulatory approval
Commerzbank and Equens have also agreed on a five-year exclusive sales partnership for card-aided payment transaction products including the processing of cash withdrawals from ATMs for Mastercard and Visa cardholders.
Equens says the acquisition will help it expand its footprint in the European card processing market beyond its traditional strongholds of the Netherlands and Italy.
Michael Steinbach, chairman, Equens, says: "The acquisition of montrada is a very important strategic step for us in further expanding our card activities and services in Europe. montrada's strong presence in the German cards market, combined with their highly skilled employees and the extensive cooperation agreement with Commerzbank, will allow us to take advantage of the enormous opportunities in the cards market in Germany and abroad."