SIX Payment Services to acquire Frankfurt-based girocard network
27 July 2017 | 4906 views | 0
SIX Payment Services is buying the Frankfurt-based girocard network operations business from VÖB-ZVD Processing GmbH, a subsidiary of Deutsche Postbank AG.
The agreement concluded today provides for the customer relationships, employees and assets of the Frankfurt-based network operations business being transferred in full to SIX Payment Services as part of the acquisition. The parties agreed not to disclose the acquisition price. Implementation of the agreement is dependent on supervisory approvals. The aim is to complete the acquisition in the third quarter of 2017.
The acquisition of the Frankfurt-based girocard network operations business gives SIX the opportunity to create a new basis for its longstanding partnership with VÖB-ZVD Processing and to provide a complete range of services to the German market over the long term. As an acquiring partner of VÖB-ZVD Processing, SIX already ensures efficient and secure transaction procedures for credit card payments. In future, VÖB-ZVD Processing customers will benefit directly from the innovative solutions offered by SIX across the entire value chain of cashless payment transactions.
Jürg Weber, Division CEO SIX Payment Services, comments: "Germany is a key market for SIX Payment Services. Our acquisition of the girocard network operations from VÖB-ZVD Processing represents an ideal way to close a gap in the services offering from SIX Payment Services.
Completing our portfolio of services in this way will help us to acquire new customers and to provide an even better service to existing customers. This deal lays the foundations for sustained growth in the German market."
Nothing will change for the time being as far as the customers of VÖB-ZVD Processing's girocard network operations, which are based in Frankfurt, are concerned. There will be no change to either services or contact partners.
Hermann Beckers, spokesperson for the executive board of VÖB-ZVD Processing GmbH : "The sale of Frankfurt based VÖB-ZVD Processing's network operations is another sensible move toward focusing on our core business. We are pleased to have found a reliable partner in SIX for our VÖB- ZVD Processing customers, who plans to push ahead with our business model of commercial network operators and who already cooperates successfully with many customers in the field of credit card acceptance."