Austrian Card Provider PayLife Acquired by SIX
SIX, which operates the central securities depositary (CSD) and the infrastructure for Switzerland’s financial sector, is acquiring PayLife, the Austrian market leader in the cashless payments sector, from a group of Austrian banks.
SIX said the deal evidences its intention to push its international growth and become one of Europe’s leading providers for card-based payment services. The sale of PayLife to SIX was approved by the Austrian Cartel Court and both parties agreed not to disclose the acquisition price.
The sale of PayLife to SIX by Austrian banks including Bank Austria, BAWAG, Erste Bank, Raiffeisen and ÖVAG marks the end of a sale process that has lasted around 18 months. All of the shares in PayLife Bank were transferred, as a result of which PayLife was acquired by SIX with retroactive effect from 1 January 2013.
As a wholly owned subsidiary of SIX, PayLife is to be incorporated into the company’s Payment Services Division during the next few months.
PayLife’s new management team comprises: