LEAWOOD, Kan. - Euronet Worldwide's Greek subsidiary, Euronet EFT Services Hellas EPE, has acquired Instreamline S.A., according to a news release. Instreamline S.A. is a subsidiary of Piraeus Bank, the third-largest private bank in Greece.
Instreamline provides credit card and point-of-sale outsourcing services and debit card and transaction gateway-switching services to Piraeus Bank Group.
Euronet also acquired Instreamline's shared POS network in Greece as well as its related host-to-host connections to five prominent banks in that country.
As part of Euronet's terms, Instreamline has signed an exclusive eight-year agreement with Piraeus Bank to provide credit card and POS outsourcing and other value-added services to the bank in Greece and its affiliates in Albania, Bulgaria, Romania and Serbia.
Euronet will provide ATM outsourcing services for Piraeus Bank's ATMs in the Balkan region.
"The rationale behind this move is straightforward - Euronet acquired a knowledgeable company providing Western European standard credit card and POS outsourcing services, which complements our current EFT outsourcing offering and enables us to gain a stronger foothold in Greece and the Balkan region with a leading multinational bank," said Daniel R. Henry, Euronet president and chief operating officer. "Furthermore, we plan to leverage the combined competencies of both entities across our existing customer base to provide greater value."
