Dutch banking major ING has wrapped the acquisition of its 75% stake in Payvision, an international omnichannel payments service provider.
The deal, first announced in January this year, will enable ING to bolster its footing in omnichannel payments services and expand its merchant services for its business customers.
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The acquired company’s founding management team will retain a minority stake of 25% and will continue to lead the company.
ING previously announced that the total value of Payvision is €360m. The Dutch banking group also noted that the deal will not impact its CET 1 ratio.
“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,” ING said in its press note.
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