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The U.K.’s Competition and Markets Authority (CMA) is on the verge of announcing its decision in its regulatory review of Mastercard’s acquisition of VocaLink, the London-based agency said.
The CMA early this year flagged a potential threat to competition in the U.K. from the $920 million merger, noting that Mastercard’s control of the Link ATM network would reduce the U.K.’s domestic ATM network options from three providers to just two (with Visa).
The agency sketched a few possible solutions Mastercard could consider to offset the competitive risk, and as early as Wednesday the CMA is expected to release its verdict on whether Mastercard’s response will be satisfactory or warrant a deeper investigation by U.K. regulators.
Master Card credit cards are arranged for a photograph in New York, Friday, February 9, 2007. Photographer: Daniel Acker/Bloomberg News.
The Ohio-based bank reports a 10% expense reduction within a year of moving its contact center technology to Google Cloud through a partnership with UJET.
Medallion Financial CEO Andrew Murstein sees more growth on the horizon for the New York lender's fintech banking operation, which saw activity spike in the first half of the year.
Truist Foundation will fund a multiyear economic development initiative to revitalize business corridors in five Southeastern cities; First Horizon has hired Wells Fargo's Shaun McDougall to head consumer banking; Ally Financial commits over $150 million to support workforce development; and more in this week's banking news roundup.