Visa Europe has confirmed that it plans to cut its 5.3% stake in struggling UK mobile banking vendor Monitise.
Visa took a 14.4% stake in Monitise after signing a five year $13 million partnership deal with the UK outfit back in 2009. That shareholding has been gradually whittled down as Monitise skipped successive breakeven targets over the years.
In a brief statement, the company says: "Monitise and Visa Europe will continue to work together on a number of projects and services under the three-year commercial agreement which runs until 31 March 2016. Both parties look forward to working together for the duration of this commercial agreement and will assess on an ongoing basis opportunities to work together in future."
Markets shrugged at the news, which had already been factored into the company's share price. Monitise stock is currently languishing at 9.9 pence per share, down from a year high of 50.75 pence.