Econostrum | Economic News in the Mediterranean

Eurobank's electronic payment services to be acquired by Worldline

Written by Eric Apim on Thursday, December 9th 2021 à 14:30 | Read 567 times

Worldline strengthens its presence in Greece with the acquisition of 80% of EBMA's portfolio (photo: Worldline)
Worldline strengthens its presence in Greece with the acquisition of 80% of EBMA's portfolio (photo: Worldline)
GREECE / FRANCE. The French company Worldline (€2.74bn turnover in 2020 and 20,000 employees) announced on Wednesday 8 December 2021 that it has acquired 80% of Eurobank Merchant Acquiring (EBMA), the electronic payment services for merchants of the Greek bank Eurobank, which will retain the remaining 20%. Allowing merchants to receive card payments via a payment terminal, website or mobile application, EBMA's merchant acquisitions represent a 21% market share in the country.

With a customer portfolio of 123,000 merchants (more than 50% SMEs) directly owned, the 40-employee structure manages 219 million transactions per year for a value of approximately €7 billion.

"This transaction is fully in line with our strategy to expand our merchant services business in Southern Europe and at the same time allows us to leverage our presence in Greece, which was established earlier this year with the acquisition of Cardlink," commented Gilles Grapinet, CEO of Worldline. "This combination allows Worldline to establish a leading presence in Greece, a fast growing market driven by the increasing adoption of electronic payments. This transaction offers attractive development opportunities for Worldline in the coming years, building on our direct access to a merchant portfolio coupled with a comprehensive end-to-end payment solutions offering," he continued. The electronic payments specialist has also acquired 80% of Axepta Italy, a subsidiary of BNP Paribas, in July 2021 for €180m.

Completion in the second half of 2022

"Our strategic plan aims to focus on our core business while further strengthening our equity. Our customers will benefit from a first-class customer experience in a secure transactional environment provided by a global leader in payment services with global coverage and the advanced digital capabilities required in a rapidly evolving industry," said Fokion Karavias, CEO of Eurobank.

The €256m transaction is expected to be completed in the second half of 2022. It will lead to the creation of a joint venture and a long-term commercial partnership.

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