Equens Acquires Commerzbank's Card Company montrada
Equens has acquired all shares in montrada, a German card acquiring and network service providing company, which is currently owned by Commerzbank. The contract between Commerzbank and Equens includes an extensive co-operation agreement.
Transfer will be finalised within the next few weeks, after which montrada will become a subsidiary of Equens. The acquisition of montrada is an important next step for Equens in further expanding its footprint in the European cards market.
Michael Steinbach, chairman of Equens’ board of directors, said: “The acquisition of montrada is a very important strategic step for us in further expanding our card activities and services in Europe. montrada’s strong presence in the German cards market, combined with their highly skilled employees and the extensive co-operation agreement with Commerzbank, will allow us to take advantage of the enormous opportunities in the cards market in Germany and abroad. Our existing clients, the banks, and also global acting merchants, will benefit from this move.”