Visa wraps up Visa Europe acquisition
Visa has completed the EUR21.2bn acquisition of Visa Europe, bringing the company's global operations under one roof.
The combined entity offers digital payment products, services and processing to about 17,100 financial institution clients and partners, 40 million merchant outlets, and three billion Visa cards globally.
The company says its branded cards and payment products enable approximately $6.8 trillion in global payments volume annually.
Visa also appointed Hastings Group CEO Gary Hoffman – who is also currently a director and chairman of Visa Europe – to its Board of Directors.
Visa CEO Charlie Scharf said: “I am pleased to welcome Gary to the Board of Directors. Gary’s broad knowledge of the European payments and banking industries brings an important perspective to the Visa Inc. Board and will be invaluable as we build our business in Europe.”
Hoffman said, “It is exciting to be part of the next chapter in the Visa story. Visa Europe has performed strongly as a business and combining with Visa Inc. will provide European clients with greater access to the global scale, additional innovation resources and range of capabilities necessary to continue to offer the best payment services to their customers.”
Hoffman has been the CEO of Hastings Group since November 2012. Prior to that, he was CEO of NBNK Investments, an investment vehicle formed in August 2010 to establish personal and business retail banking in the UK, from 2011 to 2012.
Visa agreed to acquire Visa Europe in November 2015. It recently obtained required approvals from the European Commission (EC) for the proposed acquisition.