Major banks are shareholders in Paymark and have hit a big payday on the sale to Ingenico Group
ANZ, ASB, BNZ and Westpac will each earn $47.5 million from the $190 million sale of Paymark to Ingenico Group.
The banks each have a 25% shareholding in Paymark, a specialist electronic transaction processing company based in Auckland.
The banks said they believed Ingenico would be a very good owner for Paymark as it is a specialist in the payments business internationally and will be able to bring a high degree of technical skill and innovation to what is becoming an increasingly complex and creative industry.
The sale agreement between the shareholding banks and Ingenico will remains conditional on receiving Commerce Commission and Overseas Investment Office approvals, this could take anywhere from two to four months.
Paymark said in a statement that it processes a high proportion of New Zealand’s debit and credit card transactions through its switching infrastructure.
Switching is the process that connects a customer’s card used at a merchant terminal with the bank or other institution that issued them the card.
Ingenico is listed on the Paris Stock Exchange and has extensive operations in the payments industry across 170 countries – it’s payment terminals are widely used in New Zealand.
The shareholders said they believed Ingenico would be a very good owner for Paymark as it is a specialist in the payments business internationally and will be able to bring a high degree of technical skill and innovation to what is becoming an increasingly complex and creative industry.
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The banks each have a 25% shareholding in Paymark, a specialist electronic transaction processing company based in Auckland.
The banks said they believed Ingenico would be a very good owner for Paymark as it is a specialist in the payments business internationally and will be able to bring a high degree of technical skill and innovation to what is becoming an increasingly complex and creative industry.
The sale agreement between the shareholding banks and Ingenico will remains conditional on receiving Commerce Commission and Overseas Investment Office approvals, this could take anywhere from two to four months.
Paymark said in a statement that it processes a high proportion of New Zealand’s debit and credit card transactions through its switching infrastructure.
Switching is the process that connects a customer’s card used at a merchant terminal with the bank or other institution that issued them the card.
Ingenico is listed on the Paris Stock Exchange and has extensive operations in the payments industry across 170 countries – it’s payment terminals are widely used in New Zealand.
The shareholders said they believed Ingenico would be a very good owner for Paymark as it is a specialist in the payments business internationally and will be able to bring a high degree of technical skill and innovation to what is becoming an increasingly complex and creative industry.
Related stories:
Non-major launches new service
Major bank announces new appointment for tech and innovation role
