Visa Inc. has completed its acquisition of Visa Europe. It has also appointed Gary A. Hoffman, CEO of Hastings Group, as a Board member. Hoffman is currently a director and Chairman of Visa Europe.

He says: “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.”

Late last year, the company announced its intention to buy former subsidiary Visa Europe, a cooperative of European banks with more than 500 million cards, for up to $23.3 billion. Earlier this month, the European Commission approved the acquisition.

The two were part of a global bank-owned network until 2007. When the majority of the participants merged to form Visa Inc, which went public in 2008, Visa Europe veered off as a separate entity. Today’s announcement brings all of the entities under one roof again.

By Scott Thompson

 

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
imp-loader
preloader