Worldline, a provider of payments and transactional services, has acquired an 80% stake of Cataps, a subsidiary of the Czech lender Komercni banka (KB).

According to Worldline, the takeover will enable the company to further develop product and services for the Czech merchants.

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KB operates as a subsidiary of the Societe Generale group. After formation in 2014, Cataps assumed activities of Komercni banka in credit and debit card payment processing services including merchant acquiring.

On 23 February 2016, Komercni banka inked an agreement with Worldline for the sale of Cataps.

Under the terms of the agreement, Worldline and Komercni banka have signed an additional 10-year commercial alliance for the development and the growth of these activities in the Czech Republic.

Worldline general manager Marc-Henri Desportes said: “Komercni banka and Worldline have both been providing payment services and innovative solutions to the European market over several decades.

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“At Worldline, we are now delighted to welcome this new alliance with Komercni banka, a renowned market leader in the Czech Republic, which will bring the best assets of the two partners to the retailer community, adding our rich payment and digital retail product portfolio and scalable processing systems to the wide distribution network of Komercni banka, in order to satisfy the fast growing demand of Czech merchants for electronic payments equipment and associated services.”

Starting 1 October 2016, Cataps will be integrated with the merchant services and terminals division of Worldline.