ING completes acquisition of majority stake in Payvision
13 Mars 2018 - 5:59PM
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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Press
enquiries |
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Investor
enquiries |
Carolien van der Giessen |
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ING Group Investor Relations |
+31 20 576 6386 |
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+31 20 576 6396 |
carolien.van.der.giessen@ing.com |
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Investor.Relations@ing.com |
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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 PROFILE
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.
IMPORTANT LEGAL
INFORMATION
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management's current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes
in performance of financial markets, including developing markets,
(3) potential consequences of European Union countries leaving the
European Union or a break-up of the euro, (4) changes in the
availability of, and costs associated with, sources of liquidity
such as interbank funding, as well as conditions in the credit and
capital markets generally, including changes in borrower and
counterparty creditworthiness, (5) changes affecting interest rate
levels, (6) changes affecting currency exchange rates, (7) changes
in investor and customer behaviour, (8) changes in general
competitive factors, (9) changes in laws and regulations and the
interpretation and application thereof, (10) geopolitical risks and
policies and actions of governmental and regulatory authorities,
(11) changes in standards and interpretations under International
Financial Reporting Standards (IFRS) and the application thereof,
(12) conclusions with regard to purchase accounting assumptions and
methodologies, and other changes in accounting assumptions and
methodologies including changes in valuation of issued securities
and credit market exposure, (13) changes in ownership that could
affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, (14) changes in credit
ratings, (15) the outcome of current and future legal and
regulatory proceedings, (16) operational risks, such as system
disruptions or failures, breaches of security, cyber attacks, human
error, changes in operational practices or inadequate controls
including in respect of third parties with which we do business,
(17) the inability to protect our intellectual property and
infringement claims by third parties, (18) the inability to retain
key personnel, (19) business, operational, regulatory, reputation
and other risks in connection with climate change, (20) ING's
ability to achieve its strategy, including projected operational
synergies and cost-saving programmes and (21) the other risks and
uncertainties detailed in the most recent annual report of ING
Groep N.V. (including the Risk Factors contained therein) and ING's
more recent disclosures, including press releases, which are
available on www.ING.com. Many of those factors are beyond ING's
control.
Any forward looking statements made by or on behalf of ING speak
only as of the date they are made, and ING assumes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction.
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Source: ING Group via Globenewswire
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