JP Morgan acquired control of Volkswagen Payments, the digital payments company created by Volkswagen Financial Services..
The announcement came from the same investment bank which let it be known that it has entered into an agreement that will allow it to acquire a controlling stake close to 75 per cent.
The agreement, JP Morgan explained again, will allow the banking giant to expand in the digital payments sector and enter the automotive sector for the first time.
The financial details, and especially the figures, of the agreement were not disclosed, but as indicated the closing of the transaction it is expected to arrive in the first half of 2022, when the two companies will outline a strategy to open up to other companies in the automotive sector.
“We plan to build on Volkswagen Financial Services' innovative platform to meet evolving customer expectations in the automotive sector and beyond,” said Shahrokh Moinian, Head of Wholesale Payments EMEA at JPMorgan.
Founded in 2017 in Luxembourg, Volkswagen Payments SA operates a payment platform designed for the automotive industry, operates in 32 markets and offers various digital payment services such as initial purchase and leasing, in-vehicle payments, refueling and electric vehicles, parking and subscription services such as insurance and entertainment.
After the announcement of the operation Volkswagen stock yields 2,7% 32,93 euros, while that JP Morgan it climbs 0,18% to $159,49.
