Visa Inc Finalises Buy Out of Visa Europe

Visa Inc has announced the completion of its acquisition of Visa Europe resulting in a combined global corporation servicing over 17,000 financial institutions and partners, 40 million merchant outlets and 3 billion card accounts across the world.

Visa branded cards and payment products currently enable approximately $6.8 trillion in global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term volume annually.

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The acquisition follows the approval of the buyout from the European Commission earlier this month after Visa modified the terms of the deal to appease anti-trust concerns, ditching a planned earn-out in Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for an extra €1.75 billion in cash.

Visa expects to realise around $200 million in annual pre-tax cost synergies through the deal by 2020, representing about 30 percent of Visa Europe's operating expenses.

New Appointment

Visa Inc.’s board of directors also announced today that it has appointed Gary Hoffman, CEO of Hastings Group, as a Board member of Visa Inc. He is currently a director and Chairman of Visa Europe Limited.

Hoffman brings with him years of experience in the UK’s financial services space, including senior roles at Northern Rock, Barclays and Barclaycard. He has held the post of chief executive of Hastings Group, a UK-based insurance company, since November 2012.

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.”