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ING completes acquisition of majority stake in Payvision(March 13, 2018)
ING has today completed the acquisition of its 75% stake in Payvision, a fast-growing, leading international omnichannel payments service provider.
As announced on 29 January 2018, the acquisition will strengthen ING's footprint in omnichannel payments services and support the expansion of our merchant services for business customers, in particular in the fast-growing e-commerce segment. As a result of our combined strengths, business customers will strongly benefit from Payvision's omnichannel payments platform complemented by ING's lending and working capital solutions and its worldwide distribution network.
Payvision's founding management team will hold a 25% minority stake and will continue to lead the company.
As previously announced, the total value of Payvision is EUR 360 million. The acquisition does not have a material impact on ING's CET 1 ratio.
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| ING PROFILE|
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 51,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA AS, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's strategy, which is evidenced by ING's ranking as 'leader' in the Banks industry group by Sustainalytics. ING Group shares are being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is among the leaders in the Banks industry group.
Payvision is a fast-growing, independent international card acquirer and payments platform, connecting payment service providers and their global merchants. Founded in 2002 in the Netherlands, it serves its clients from offices in 10 cities in the US, Europe, Asia and the Pacific. In 2015 Payvision launched next-generation Payment Service Provider, Acapture, to address the omnichannel and cross-border payments needs of merchants.
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