News

BNL, First Data launch merchant acquiring business in Italy

February 5, 2006

ROME -Banca Nazionale del Lavoro and First Data Corp. announced the launch of BNL POSitivity - a joint venture set up to provide a new merchant acquiring proposition for merchants across Italy. According to a news release, the new business includes technical and commercial management of point-of-sale payment transactions.

BNL transferred its merchant-acquiring business portfolio, which includes thousands of POS terminals, to BNL POSitivity and then sold 49 percent of the share capital to First Data, generating a net capital gain for BNL of approximately EUR €10 million (U.S. $11.98 million).

The new venture enables BNL Group to expand its merchant business in Italy and strengthen its positioning in the corporate and small business segments, while ensuring First Data's presence in the Italian electronic payments market.

Walter Pinci will lead BNL POSitivity as general manager.

"The combination of BNL's strong branch network and expertise in corporate banking with First Data's proven competence in merchant acquiring gives BNL POSitivity an unrivalled service offering for Italian merchants," Pinci said.