- News ›
- Events ›
- Companies ›
- Associations ›
- Glossary ›
News
Visa Europe and Carte Bleue to merge their business in France
Visa Europe and SAS Carte Bleue have just announced their intention to merge their business operations in France and an agreement on a Memorandum of Understanding has been reached. The aim of the merger is to extend Visa Europe’s association model by establishing more direct relationships with French banks in order to meet their needs more closely.
Peter Ayliffe, President and Chief Executive Officer of Visa Europe, said: “I am delighted that Carte Bleue, and its member banks, have agreed to merge Carte Bleue card operations with Visa Europe in France. This is the ideal development of a successful 30 year relationship. It recognises that the strength of Visa Europe’s association model delivers a truly European owned and controlled payments system.”
“This landmark decision provides the best of both worlds for French banks – a SEPA compliant development of their card payments business in France with local control.”
Gilbert Arira, Chairman of the boards of SAS and GIE Carte Bleue, said: “The coming together of Carte Bleue and Visa Europe’s French operations is the perfect way forward for our members in the provision and development of card payment services in France. The new organisation, in conjunction with our member banks, aims to develop new value-added payment solutions for all stakeholders - and specifically for retailers and consumers. From my point of view, the merger with Visa Europe positively contributes to accelerating innovation by leveraging vision and expertise with real local market knowledge and understanding.”
“Visa Europe’s decision to remain a European owned and controlled membership association was key to this decision. As a membership association, Visa Europe ensures that all important decisions are decided through full consultation with its member banks.”
The new merged Visa Europe and Carte Bleue organisation will continue providing banks with products and services customised to the French market. Visa Europe will create a “national organisation”, that will be open to all Visa member banks operating in France to provide local governance on domestic Visa matters.
The acquisition of SAS Carte Bleue is subject to signature of definitive agreements and approval from the French competition and tax authorities. SAS Carte Bleue and Visa Europe hope to be able to complete the transaction in the first half of 2009.
Through this merger, Visa Europe and Carte Bleue aim to provide the best choice in card payments for banks, retailers and consumers.