Crédit Agricole Group has acquired a seven per cent stake in Worldline, a French global payment provider.

The French banking group said it intends to create a “major” player in the French merchant payment services market.

The joint venture between Crédit Agricole and Worldline will be launched later this year subject to regulatory approval.

The investment builds on an existing partnership between the two companies for which a binding agreement was signed in July last year.

Crédit Agricole said it intends to remain a long-term minority shareholder in Worldline.

The terms of the acquisition were not disclosed.

“Through this transaction, Crédit Agricole Group is reaffirming confidence in its partner: a strong franchise, leading-edge technologies, and proven innovation capabilities, at the service of its customers,” the bank said in a statement.

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