Swiss financial infrastructure firm SIX Group has strengthened its position in Europe with the acquisition of 100% stake in Luxembourg-based financial services provider CETREL.
As part of the move, SIX will expand its international offering in the area of card-based payment transactions.
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Through this acquisition, SIX aims to expand its position in the acquiring business in the greater Luxembourg region and expand the international issuing-processing offering of SIX in Europe.
Additionally, SIX will maintain central services to strengthen the competitive position of the Luxembourg financial centre. CETREL said that Roland Ludwig will remain as its CEO.
CETREL is owned by SIX and the leading banks in the financial centre as well as the postal service Since December 2008.
SIX Payment Services partners with customers in 33 countries, manages more than 1,400 employees and maintains a local presence at 14 office locations.
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By GlobalData
