Credit Agricole, Equens Negotiate Partnership In Card, Payment Processing

Published: 25-Nov-2009

To further increase scale, geographical presence and product offering for the benefit of current and future clients and shareholders

Credit Agricole SA and Equens SE have signed an exclusive agreement to explore the possibility of aligning their payment platforms to become a major payment services provider in Europe.

The realisation of this payment service provider is based on three key ideas, combining volumes and developing synergies to lower unit processing costs, fostering growth dynamics from a unique position as a European leader offering technical and commercial expertise and broad regional coverage and sharing expertise that benefits the entire product chain.

Jean-Yves Hocher, deputy CEO of Credit Agricole, said: "We are facing major challenges within the rapidly changing European landscape. By discussing a partnership with Equens to become the pan-European card and payment processor, we will be able to combine expertise, technology, in-depth knowledge and the processing of several billion transactions to serve our network. This is fully in line with Credit Agricole's strategy to build industrial partnerships with banks."

Michael Steinbach, chairman of board of directors at Equens, said: "The intended cooperation with CEDICAM is a major next step forward in our strategy to become the premier pan-European processor. It will enable us to further increase our scale, geographical presence and product offering for the benefit of our current and future clients and shareholders, like ABN AMRO, DZ BANK, ICBPI, ING and Rabobank."

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