The Extraordinary Shareholders' Meetings of SIA and of SiNSYS have approved the transnational merger through incorporation of Belgian subsidiary SiNSYS into SIA, thereby completing the process of integration of the two companies, aimed at further consolidating the Group's international coverage and achieving greater operational efficiency with consequent economic advantages.
The operation, effective from the beginning of 2013, does not entail any modification to the composition of the Board of Directors of SIA and provides for the cancellation without exchange of all the shares representing the entire corporate stock of SiNSYS, since SIA already possessed 100% of the stock following the acquisition from Atos Worldline of 49% in July 2012.
The activities of SiNSYS, specializing in the management of payment transactions with international debit and credit cards with over 1 billion operations annually, around 30 million cards and 700,000 merchants in 12 European countries, will therefore be continued by SIA.
This will also be achieved through the setup in Belgium of the Brussels branch, which will act as the "regional hub" in northwestern Europe with the main aim of developing new projects and initiatives in the areas of payments, e-money, network services and capital markets, in close collaboration with the parent company.
The incorporation also permits an increase in the competitive capacity of the SIA Group thanks to significant synergies in terms of IT, for example the operational integration and simplification onto a single centralized infrastructure of the card processing, testing and software development activities.
In North-West Europe, SIA has made its debut through a significant international contract with European bank "Chaabi Bank", thanks to which the company in the Moroccan Groupe Banque Populaire (GBP) can issue debit cards in the Netherlands for the first time. The project will involve the distribution of the first cards already during 2013 and will then be gradually extended to other countries including Germany, Great Britain, France, Italy and Spain.
According to the agreement, the SIA technology infrastructure will directly manage the processing of the card payment transactions, in addition to an advanced service for dispute management and fraud prevention - a tool which, thanks to the poss possibilitto the poss possibility to create and test customized rules and to the integration with the authorization system, allows fraudulent transactions to be prevented and blocked in real time.