SIA Incorporates Belgian Subsidiary SiNSYS
Italian financial IT provider SIA said that extraordinary shareholders’ meetings have approved a transnational merger which will see Belgian subsidiary SiNSYS incorporated into the company with the aim of achieving improved operational efficiences.
SIA, which acquired full ownership of SiNSYS when it purchased Atos Worldline’s 49% stake in July 2012, added that it aims to carry on the activities of the company and is setting up a Belgian branch in Brussels, which will act as a regional hub in northwestern Europe. It will develop projects and initiatives in the areas of payments, electronic money (e-money), network services and capital markets, in collaboration with the parent company.
As one of its first projects in the region, the SIA technology infrastructure will manage the card payment transactions of Chaabi Bank, a wholly-owned subsidiary of the largest bank in Morocco, Groupe Banque Populaire, which for the first time can issue debit cards in the Netherlands.
The project, which involves the distribution of the first cards during 2013, will be rolled-out to other countries including Germany, the UK, France, Italy and Spain. Under the agreement, the SIA technology infrastructure will directly manage the processing of the card payment transactions, in addition to an advanced service for dispute management and fraud prevention.