WARSAW | EVO Payments International and PKO Bank Polski successfully completed EVO's acquisition of a 66 percent interest in eService, PKO's existing merchant acquiring business. In addition, the parties also entered into a 20 year strategic alliance under which the parties will continue to develop eService as a leading merchant acquirer in the region.
European Commission's consent
Under the terms of the agreement signed by PKO and EVO in November 2013, the consummation of the transaction was conditioned upon the European Commission's consent, as well as the transformation of eService from a joint stock company to a limited liability company. Following the fulfillment of these conditions, the 66% equity interest was transferred to EVO Payments International.
eService business expansion
The strategic alliance entered into between PKO Bank Polski and EVO will allow further development of eService's business in Poland, as well as support the expansion of eService's business into foreign markets, in particular Central and Eastern Europe. At present eService, with over 35% market share in terms of transaction count and volume, is the leading Polish merchant acquirer. The strategic alliance will ensure that the Bank and eService's customers will continue to have access to leading payment products and services, including in the area of e-commerce.
About PKO Bank Polski
PKO Bank Polski is the largest universal bank in Poland in terms of both scale of business activities and financial results. PKO holds a position of unquestionable leader in local retail banking industry and makes strong appearance on corporate market. It is the leading bank in Poland for corporate clients and small and medium-sized enterprises - especially in terms of financing their business. PKO provides funding for all industries of the Polish economy and is a leading lender to local governments. PKO Group provides a comprehensive range of financial products and services, including brokerage, pension funds, leasing products and investment funds. The Bank received numerous awards for quality of its service, social responsibility, corporate governance and the quality of annual reports. According to "The Banker" magazine, the PKO brand is worth $1.25 billion, making it the most valuable brand in the Polish banking sector. PKO is also a domestic company with the largest number of free float shares on the Warsaw Stock Exchange. Visit www.pkobp.pl for more information about the company and its services.
About EVO Payments International
EVO Payments International is a leading payments service provider of merchant acquiring and processing solutions for merchants, Independent Sales Organizations (ISOs), financial institutions, government organisations, and multinational corporations located throughout the United States, Canada and Europe. A principal member of VISA and MasterCard, EVO offers an array of innovative, reliable and secure payments solutions, backed by an uncompromising commitment to exceed the needs of its customers and partners. Visit www.evopayments.com for more information about the company and its services.
Sourced from EVO Payments International, January 9th, 2014