- Credit Agricole is taking a 7% minority stake in Worldline.
- The announcement comes six months after the two initiated their partnership in July of 2023.
- Credit Agricole is making the move to “reaffirm confidence” in Worldline, which was hit with scrutiny over its AML practices last year.
French bank Credit Agricole announced this morning it has taken a 7% minority interest in payments services company Worldline.
Today’s agreement comes six months after the two first partnered in July of last year. According to Credit Agricole, today’s move to deepen this relationship will help strengthen the partnership to create “a major player” in the French merchant payment services market.
“Through this transaction,” the bank said in its press release, “Crédit Agricole Group is reaffirming confidence in its partner: a strong franchise, leading-edge technologies, and proven innovation capabilities, at the service of its customers.”
Credit Agricole’s other aim in taking a minority interest is to demonstrate its intention to not only support Worldline’s development, but also to implement its strategy as a player in the European payments sector. In the long-term, Credit Agricole seeks to remain a minority shareholder in Worldline.
France-based Worldline, which faced scrutiny over its AML practices last year, saw its shares cut in half after the allegations arose regarding its AML safeguards. After today’s announcement, Worldline’s shares jumped 5%.
Worldline began facilitating card transactions in 1973 and currently has 18,000 employees in more than 50 countries and counts annual revenue of around $4.4 billion. Gilles Grapinet is CEO.
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