Security services provider Morpho is set to acquire banking card manufacturing and personalisation centres in Colombia and Peru.
The deal with Carvajal Group, subject to regulatory approvals, is expected to close before the end of the year.
The move is aimed at deploying secure payment transactions based on chip and card technology, in response to the South American banking market’s ongoing chip migration to EMV.
“This transaction is part of the transformation process currently underway at Carvajal Group, which is geared toward sharpening our business focus,” said Ricardo Obregon, CEO, Carvajal Group.
With the closing of the agreement, Morpho will strengthen its reach in the Latin American region with its presence felt in Brazil, Peru, Colombia, Argentina and Mexico.