Visa Inc. has successfully completed its acquisition of Visa Europe, after the two companies split in 2006. The deal was allowed to go ahead after European officials gave the two companies the green light to re-merge a few weeks ago.
The combined business will provide digital payment products, services and processing to around 17,100 financial institution clients and partners, more than 40 million merchant outlets and three billion Visa accounts worldwide. Visa-branded cards and payment products enable approximately $6.8 trillion in global payments annually.
UK banks that owned a stake in Visa Europe will receive a £1 billion windfall, with Barclays and Lloyds Banking Group – thought to be the largest shareholders – rumoured to gain the most profit from the sale.
In addition, Visa Inc. has announced that Gary Hoffman has been appointed as a board member. Also a director and chairman of Visa Europe, Hoffman has been the CEO of UK insurer the Hastings Group since November 2012. Prior to that, Hoffman was the CEO of NBNK Investments and Northern Rock and vice chairman of Barclays.
Hoffman said: “It is exciting to be part of the next chapter in the Visa story. Visa Europe has performed strongly as a business and combining with Visa Inc. will provide European clients with greater access to the global scale, additional innovation resources and range of capabilities necessary to continue to offer the best payment services to their customers."
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