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SIX Buys girocard Network

SIX Payment Services is buying the Frankfurt-based girocard network operations business from VÖB-ZVD Processing GmbH, a subsidiary of Deutsche Postbank AG. The agreement concluded on July 26 provides for the customer relationships, employees and assets of the network operations business being transferred in full to SIX Payment Services as part of the acquisition.

The terms of the deal, which is expected to close upon approval in the third quarter, were not disclosed.

SIX operates the infrastructure underpinning the Swiss financial sector and offers a range of services for securities trading and settlement, financial information and payment transactions. The company is owned by its users, approximately 130 banks.

The acquisition of the Frankfurt-based girocard network operations enables SIX to provide a complete range of services to the German market over the long term, the company said.

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