Banks hire Cameron Partners to look at Paymark after potential buyer emerges

Paymark CEO Mark Rushworth

New Zealand's four biggest lenders have hired investment bank Cameron Partners to run the ruler over electronic payments firm Paymark, which they jointly own.

ANZ Bank New Zealand, ASB Bank, Bank of New Zealand and Westpac Banking Corp appointed the investment bank to conduct a strategic review after receiving interest in their shares, Cameron Partners said in a statement on behalf of Paymark. The review is expected to take several months, but no decision on whether to sell has been made.

"No further statement will be made until the review is complete," Cameron Partners said. "Paymark will not be commenting on the shareholders' process."

Paymark generated profit of $12 million on sales of $52.4 million in the year ended March 31, 2015, according to its annual report filed with the Companies Office. The firm processes more than 1.1 billion payments a year, amounting to three quarters of the nation's electronic transactions.

The review comes as payment systems undergo rapid change around the world with the emergence of crypto-currencies such as Bitcoin, online services provided by the likes of Apple, Google and Paypal, and near-field technology enabling contactless card and mobile device transactions.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7032 0.0022 0.31%
AUD 0.9406 0.0027 0.29%
EUR 0.6285 0.0016 0.26%
GBP 0.5422 0.0012 0.22%
HKD 5.4768 0.0180 0.33%
JPY 78.6150 0.1540 0.20%

Commods

Commodity Price Change Time
Gold Index 1255.5 -9.660 2017-05-23T00:
Oil Brent 54.4 0.260 2017-05-23T00:
Oil Nymex 51.5 0.340 2017-05-23T00:
Silver Index 17.1 -0.050 2017-05-23T00:

Indices

Symbol Open High Last %
NZX 50 7386.0 7421.8 7384.7 0.50%
NASDAQ 6149.6 6150.9 6133.6 0.08%
DAX 12631.4 12662.0 12659.1 -0.19%
DJI 20908.7 20961.1 20894.8 0.21%
FTSE 7485.3 7512.7 7485.3 0.27%
HKSE 25382.3 25428.5 25403.2 0.10%
NI225 19777.6 19782.8 19613.3 0.66%
ASX 5760.2 5776.0 5760.2 0.15%