easybank, an Austrian direct bank, has agreed to acquire SIX’s commercial issuing business in Austria and the issuing support for Austrian banks for an undisclosed sum.
Commercial Issuing, which refers to the issuing of credit and prepaid cards, was acquired by SIX as part of the purchase of PayLife Bank. The business operates under the name PayLife.
Go deeper with GlobalData
easybank plans to make additional investments in the business.
“The acquisition is another important step for easybank continuing to be leading direct bank in Austria and will thus make a significant contribution to the expansion of its core business,” SIX noted.
The card processor also said that the commercial issuing business does not align with its strategy, and that it will now focus on its role as a B2B service provider and strengthen its merchant business and transaction processing businesses.
Around 150 staff from SIX will join easybank as part of the deal. The deal is expected to be concluded in the second half of 2017, subject to regulatory approvals.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHowever, SIX will retain its acquiring business in Austria and the processing business for Austrian banks and will expand these operations as its core business.
