SIX sells commercial issuing business in Austria to easybank
SIX Payments Services plans to focus on its business-to-business operations and expand its merchant business.
SIX Payments Services plans to focus on its business-to-business operations and expand its merchant business.
SIX Payment Services and easybank announce that SIX will sell its commercial issuing business (the issuing of credit and prepaid cards) in Austria together with the Issuing Support for Austrian banks to easybank.
A corresponding agreement was successfully concluded by both parties on February 28, 2017. The issuing of credit and prepaid cards is operated under the well-recognized national brand “PayLife”. SIX will focus on its business-to-business (B2B) operations and plans to further strengthen its merchant business (Acquiring) and the transaction processing (Acquiring and Issuing Processing).
In contrary to this, credit card issuing is one of easybank’s core businesses and fits with easybank’s growth strategy. The acquisition will provide easybank with a world class credit card team as well as additional product offerings and features for our existing customer base. easybank will not only continue offering services to the “PayLife” customers, but plans on further investing into the business to ensure that customers continue to benefit from the latest technology and innovations. The acquisition is another important step for easybank continuing to be leading direct bank in Austria and will thus make a significant contribution to the expansion of its core business. The acquiring business of SIX in Austria and the processing business for Austrian banks will remain unaffected by this transaction and will be further expanded as a core business of SIX.