Zurich, 7 March 2017 – Alantra advised SIX Group on the sale of its Austrian commercial issuing business (the issuing of credit and prepaid cards) to easybank, Austria’s largest and most profitable direct bank, with over 700,000 customer accounts.
SIX will focus on its B2B business and plans to further strengthen its merchant business (acquiring) and the transaction processing (acquiring and issuing processing). These two business divisions will remain unaffected by this transaction and will be further expanded as core businesses of SIX. The issuing of credit and prepaid cards directly to consumers does not fit in the strategic orientation of SIX.
The acquisition is another important step for easybank continuing to be the leading direct bank in Austria and will thus make a significant contribution to the expansion of its core business, providing easybank with a world class credit card team as well as additional product offerings and features for the existing customer base.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second half of 2017.
To go to SIX Group’s press release, please click here.