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Current as of 21/10/14 05:20PM NZST

ANZ sells eftpos business

File photo / NZ Herald
File photo / NZ Herald

ANZ New Zealand - the country's biggest bank - sold its eftpos terminal leasing unit, EFTPOS New Zealand, for an undisclosed sum to global payments firm VeriFone Systems.

Once the deal is complete, VeriFone will supply electronic payment terminals and switching services in New Zealand, while ANZ will provide merchant acquiring services, which essentially is the processing of fund transfers.

The deal will retain roles for all permanent EFTPOS NZ staff, though it's unclear how many of its 160 employees are permanent.

"While the merchant acquiring business is part of our core bank offering, the terminals and POS (point of sale) switching businesses are an increasingly specialist technology business," managing director business banking Fred Ohlsson said in a statement. "The sale of ENZ to VeriFone positions these businesses for growth."

EFTPOS New Zealand posted a profit of $6.7 million in the 2010 financial year on sales of $29.2 million, according to the latest financial statements lodged with the Companies Office.

The 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.

- BusinessDesk

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