ANZ sells Eftpos business to US firm
ANZ has completed the sale of its subsidiary Eftpos New Zealand to US payments company VeriFone Systems for an undisclosed sum.
Eftpos NZ, which is the largest payments provider in the country, will continue to operate under its current branding.
It will keep supplying terminals and point-of-sale switching services, while ANZ will deal with merchant acquiring services.
The sale, which was announced in December last year, relieves ANZ of what was becoming an increasingly specialist technology business.
The country's largest bank has embarked on a simplification strategy in recent years, most notably through the merger of its National Bank brand.
ANZ has said the transaction is ''not material'' and would not disclose the terms of sale.
Eftpos NZ turned a profit of $6.7 million in the 2010 financial year, according to Companies Office financial statements.
VeriFone will deploy its Point platform into New Zealand as part of its acquisition, with ANZ helping out during the transition.
Earlier this year the US-based company also acquired New Zealand's Sektor Payments, which sells hardware and software for payments systems.
VeriFone general manager for Australia and New Zealand Anthony Chalhoub said the growing local presence was a reflection of the opportunities in the expanding payments market.
The company said it operated in more than 110 countries and employed more than 5000 staff worldwide.
- © Fairfax NZ News