TransFirst to Acquire Fifth Third Bank Processing Solutions Third Party Sales Merchant Division

Thursday 11 March 2004 22:12 CET | News

Dallas-based TransFirst has signed a definitive agreement to acquire the third party and agent bank merchant division of Cincinnati-based Fifth Third Bank Processing Solutions.

The transaction will increase the companys current size from $11 billion to $18.5 billion in annual processing volume. The acquisition is expected to be effective on or about April 1, 2004. In addition to the acquisition agreement, TransFirst and Fifth Third Bank Processing Solutions have entered into a relationship in which Fifth Third will refer certain third-party merchant processing leads (such as agent bank, ISOs and ISCs) to TransFirst. With this acquisition, TransFirst will service more than 760 agent banks and process approximately $18.5 billion in annual sales volume for more than 150,000 merchants.

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Categories: Payments & Commerce | Payments General
Countries: World
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