SIX has agreed to sell the issuing of credit and prepaid cards in Austria to easybank. SIX will concentrate exclusively on its services to banks and other commercial operators and will no longer directly issue cards to consumers in Austria.
SIX agreed to sell its commercial issuing business to Vienna-based easybank, the company said in a statement today. The issuing of credit and prepaid cards to consumers («B2C») is operated under the brand name PayLife and is a profitable business, according to SIX.
The Zurich-based company henceforth will exclusively focus on its role as a provider of services for banks, financial institutions and in payment transactions for merchants, in line with its global corporate strategy. SIX is the stock-exchange operator in Zurich and a major player in electronic transaction services.
150 Staff to Move
The acquiring and processing businesses of SIX in Austria will be unaffected by the transaction. About 150 employees will move from SIX to easybank. The divestment is subject to the customary regulatory approvals and is expected to close in the second half of 2017. SIX and easybank agreed not to disclose the terms of the transaction.
