Germany based Deutsche Bank has inked an agreement to dispose of its wholly owned subsidiary Deutsche Card Services to the US based EVO Payments International, for an undisclosed sum.
Following the receipt of transaction approval from regulators, EVO Payments International will purchase 100% of the subsidiary.
Deutsche Card Services, Cologne, trades in 39 European markets, and delivers merchant acquiring services including online, point-of-sale and ATM, as well as other related services to the bank’s multi-national clients.
Apart from the aforesaid deal, Deutsche Bank’s Global Transaction Banking division and EVO Payments International will sign a long-term strategic relationship agreement, to carry out collective marketing efforts for card acquiring and related products on pan-European basis.
EVO Payments International CEO James Kelly said the company will utilize the Cologne site as platform for its pan-European growth plan, to enable the firm expand its businesses across Europe.
The privately-held payment processor is an acquirer for merchants, Independent Sales Organizations (ISOs), financial institutions, government organizations, and multinational corporations in the US, Canada and Europe.