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Fifth Third Processing Solutions LLC is weighing its next steps as the merchant processor nears its one-year anniversary as a joint venture between Fifth Third Bancorp and Advent International Corp., a Boston-based investment firm (see story).
April 14
Fifth Third Processing Solutions LLC announced Sept. 15 it has agreed to buy National Processing Co.
Fifth Third Processing, a venture of Advent International Corp. and Fifth Third Bancorp's Fifth Third Bank, says the purchase would help it serve small and midsize enterprise businesses. It did not give a price.
"We are particularly excited about the opportunities now before us in the fast-growing [small and midsize enterprise] space and the benefits we will be able to deliver to an expanded base of merchants and financial institutions," Charles Drucker, Fifth Third Processing president and chief executive, said in a press release.
Cincinnati-based Fifth Third Processing said that after the acquisition closes, National Processing would continue to operate at its Louisville, Ky., headquarters, and at its existing Houston and Chicago sites. The companies expect the purchase to close in early November.
