Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
ANZ, the country’s biggest bank, has sold its eftpos terminal leasing unit EFTPOS New Zealand (ENZ) to global payments company VeriFone Systems.
The deal also involves New Zealand technology distributor Sektor Group, which has sold its EFTPOS division Sektor Payments to VeriFone.
Sektor Payments, New Zealand’s largest EFTPOS distributor, has distributed VeriFone EFTPOS terminals exclusively for the last three years.
The retail technology, networking and mobility divisions of Sektor are not involved in this transaction and remain in their current form.
All electronic payment terminals and switching services in New Zealand will now be provided by NYSE-listed VeriFone – a move that could hasten the release of international point of sale products here.
A sale price has not been disclosed and the transaction will be finalised early next year.
ENZ’s sale comes as ANZ simplifies its local business, having announced its plans to ditch the National Bank brand over the next two years ahead of the expiration of its brand licence with the UK’s Lloyds TSB.
ANZ’s managing director business banking Fred Ohlsson says: “While the merchant acquiring business is part of our core bank offering, the terminals and POS switching businesses are an increasingly specialist technology business and it makes sense for it to be owned by VeriFone."
ENZ has more than 40,000 customers throughout New Zealand. It posted a profit of $6.7 million in the 2010 financial year on sales of $29.2 million, according to financial statements lodged with the Companies Office.
The ENZ brand and all its permanent staff will be retained, although it is unclear how many of its 160 employees are permanent.
ANZ New Zealand will continue to provide merchant-acquiring systems – essentially the processing of fund transfers – through a unit known as ‘ANZ Merchant Business Solutions’.
Sektor Payments general manager Andre van Duiven says the acquisition by VeriFone comes as the industry requires more sophisticated compliance management and security.
“This simplification of the international supply chain provides a much more responsive technical and commercial structure,” Mr van Duiven says.
“This means new global compliance and security initiatives can be introduced faster to merchants in New Zealand.”
VeriFone’s existing reseller channel model in New Zealand will not be altered.
Additional reporting BusinessDesk