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Share Name Share Symbol Market Type
Australia And New Zealand Banking Group Limited ASX:ANZ Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 26.82 26.77 26.78 0.00 00:00:00

ANZ Enters JV with European Payments Company Worldline -- Update

14/12/2020 10:53pm

Dow Jones News


Australia And New Zealan... (ASX:ANZ)
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   By Alice Uribe 
 

SYDNEY--Australia and New Zealand Banking Group Ltd. has formed a joint venture with European payments company Worldline to provide payments technology and merchant services in Australia.

The Australian bank said Tuesday the tieup involves the formation of a newly created merchant acquiring group. ANZ will have a 49% stake, and Worldline holding a 51% controlling interest.

The new entity will provide access to technology point-of-sale and online payments to small business, commercial and institutional customers in Australia.

"Through this joint venture we will further enhance our capability as a leading transaction bank while continuing to manage customer relationships for broader banking needs. This is another example of our strategy to create a simpler and more digitally focused bank," said Mark Hand, ANZ Executive Australia Retail and Commercial.

In setting up the joint venture, Worldline said it has paid 485 million Australian dollars (US$365.4 million) for a 51% stake in ANZ's commercial acquiring business.

"I am very honored that Worldline has been selected by ANZ to take over the control of its merchant acquiring business as the long term partner of choice to deliver state-of-the-art products and services to its very large portfolio of merchant customers," said Gilles Grapinet, Worldline's Chief Executive.

"Australia is a highly attractive strategic market as it is very close to Europe in terms of market structure, standards and technology, with a high level adoption of electronic payments," he said.

ANZ estimated that completion of the transaction will increase its Level 2 CET1 capital ratio by 5 basis points. The transaction is expected to be completed in late 2021 and is subject to approvals and card scheme arrangements

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswires

December 14, 2020 17:38 ET (22:38 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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