Visa’s proposal to buy Earthport — which already survived a brief bidding war with Mastercard — is getting a closer look by the U.K.’s antitrust watchdog group.
The U.K. Competition and Markets Authority (CMA) on Thursday said it’s investigating whether Visa’s $320 million purchase of Earthport, a U.K.-based cross-border payments provider, would lessen local market competition.
Visa Inc. credit cards are arranged for a photograph in Washington, D.C., U.S., on Friday, Oct. 20, 2017. Visa is expected to announce fourth-quarter earnings figures on October 25. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The CMA set a deadline of April 18 to gather comments from industry participants, aiming to wrap up this phase of its inquiry by June 4, 2019. Typically if competitive concerns emerge in the exploratory phase, a full investigation would follow.
Last month Mastercard dropped out of the Earthport bidding war and announced plans to instead purchase Transfast, a New York-based cross-border payments specialist.
In its latest financial stability report, the Federal Reserve found that asset valuations continue to be elevated and leverage levels remain high, especially among nonbanks like hedge funds and insurance firms.
Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.
The Spanish bank says it can connect small and medium-size U.S. businesses with local market experts on its newly launched digital platform Navigator Global.
The Pittsburgh-based bank said Friday that it will focus on building 300 branches in high-growth markets by 2030. It also minimized the prospects for another acquisition on the heels of its recent deal for Colorado-based FirstBank.
Consumers' and merchants' penchant for 0% loans are boosting the buy now/pay later lender in its first fiscal quarter ended Sept. 30, as gross merchandise volume hit a record.
HoldCo Asset Management drops its pursuit of proxy battles with Columbia Banking System and First Interstate; Cape Cod's Mutual Bancorp prepares to acquire Bluestone Bank; Servbank HoldCo announces plans to acquire IF Bancorp; and more in this week's banking news roundup.
