Euronet Worldwide, Inc. Completes Purchase of Merchant Acquiring Business of Piraeus Bank in Greece
Originally announced on
The acquisition also includes a separately negotiated agreement for a long-term strategic partnership with the Bank for collaborative product distribution, processing and customer referrals.
Acquisition Caps Long History of Cooperation Between Euronet and Piraeus
These agreements are the latest in a series of partnership arrangements with Piraeus dating back to the early 2000s. With the closing of this acquisition,
“The completion of this acquisition is another milestone in the growth of
The PBMA acquisition expands Euronet’s omnichannel payments strategy where the company uses its own proprietary technology to provide cash, card-based acquiring solutions, alternative payment acquiring, online acquiring, tokenized payment services and other payment products.
Euronet will extend the capabilities of its REN payments platform to the Greek market to provide a variety of enhanced cash-based and digital payment solutions such as QR codes and other tokenized payment methods in digital wallets and payment apps directly to customers as well as to third-party businesses such as banks, fintechs and retailers.
REN’s open APIs also provide Euronet an opportunity to sell products and services from its other businesses (EFT, epay, Ria Money Transfer and Xe) to PBMA’s 170,000 merchants. Conversely, the acquiring capabilities of the PBMA platform can be offered to existing Ria and epay merchants.
“Piraeus Bank continues to innovate with the clear aim of providing a high level of banking experience and service, strengthening the dynamism of the Greek banking market,” said Christos Megalou, CEO of
Euronet Worldwide is a leading global financial technology solutions and payments provider. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of digital media and prepaid mobile phone time.
Forward-Looking Statements in this Press Release
Any statements contained in this press release that concern Euronet or its management's intentions, expectations, or predictions of future performance, including those relating to PBMA, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: Euronet's ability to successfully integrate PBMA after the closing; PBMA's ability to maintain its growth rates; conditions in world financial markets and general economic conditions, including economic conditions in specific countries or regions; technological developments affecting the market for Euronet's and PBMA's products and services; the ability of Euronet and PBMA to successfully introduce new products and services; foreign currency exchange rate fluctuations; and changes in laws and regulations affecting Euronet's and PBMA's business. These risks and other risks are described in Euronet's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting Euronet or the SEC. Any forward-looking statements made in this press release speak only as of the date of this press release. Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. Euronet regularly posts important information to the investor relations section of its website.
1 Based on estimates from the
Stephanie TaylorDirector of Financial Planning and Investor Relations Euronet Worldwide, Inc.+1-913-327-4200 firstname.lastname@example.org
Source: Euronet Worldwide, Inc.