MasterCard has announced it is to acquire Turkish independent payment provider Provus Bili?im Hizmetleri (Provus).
The move continues MasterCard’s current strategy of increasing its processing presence in fast-growing markets. The transaction is expected to take place before the end of the year, but has yet to receive regulatory approval.
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Javier Perez, president of MasterCard Europe, said: "The acquisition of Provus enables MasterCard to continue developing innovative solutions to add value to our customers, and increases our processing presence in Europe.
"Turkey continues to be a very exciting and growing market and this acquisition provides an important platform that will enable us to not only serve customers locally but also to continue to deliver innovative payment solutions across the region."
Provus, a 12 year old company founded in Instanbul, serves banks and other financial institutions, telcos and merchants. It provides services including issuer and acquirer processing, prepaid solutions and ATM processing services.
Tunc Dasar , CEO, Provus said: "Today’s announcement represents an exciting new chapter for our business, which has been delivering cutting edge payment solutions and processing services for both traditional and non-traditional customers in Turkey.
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By GlobalData"We look forward to the future as part of the MasterCard family and are focused on delivering innovation in payment solutions and processing to the widest possible audience."
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