Visa Inc (V.N) Key Developments | Reuters.com
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Visa Inc (V.N)

V.N on New York Stock Exchange

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24 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Co-Operative Bank says to recognise 62 mln stg from Visa Inc-Visa Europe deal
Wednesday, 22 Jun 2016 05:14am EDT 

Co-operative Bank Plc : Confirmation of proceeds from sale of Visa Europe Limited to Visa Inc. . Co-Operative Bank Plc - Bank's preliminary share of sale proceeds was expected to comprise a mix of cash preferred stock, and contingent earn-out consideration . As confirmed in an announcement published by VI yesterday, this transaction has now closed . Overall gain which bank will recognise from this transaction in its 2016 interim financial report is approximately 62 million stg .Of which 51 mln stg was already recognised in capital resources as at 31 December 2015 within available for sale reserve..  Full Article

Caixabank closes Visa Europe stake sale with net gain of 115 mln euros
Wednesday, 22 Jun 2016 04:52am EDT 

Caixabank SA :Says Visa Inc buys Visa Europe, net capital gain for Caixabank of 115 million euros ($129.6 million) in Q2.  Full Article

Austria's RBI says positive effect of 97 mln eur from Visa Europe sale
Tuesday, 21 Jun 2016 03:11am EDT 

Raiffeisen Bank International Ag : Says expected positive effect from cash payment of transaction at closing on RBI's profit before tax will be eur 97 million . Says this should be booked under net income from financial investments in Q2 of 2016 . Says valuation of other two tranches will take place at end of June 2016 . Says cash component of transaction will have a slight positive effect (excluding taxes) on RBI's CET1 ratio . Visa Europe Ltd. was previously owned by its principal members, including nine units within the RBI Group Further company coverage: [RBIV.VI] ((vienna.newsroom@thomsonreuters.com; +43 1 53112 255;)).  Full Article

Visa Inc completes acquisition of Visa Europe
Tuesday, 21 Jun 2016 02:38am EDT 

Visa Inc : Visa inc completes acquisition of Visa Europe .Appointed Gary Hoffman, CEO of Hastings Group, as a board member of Visa Inc.  Full Article

Visa says to accelerate EMV chip migration and support merchants
Thursday, 16 Jun 2016 07:00am EDT 

Visa Inc : Says VISA to help accelerate EMV chip migration and support merchants . Says VISA is also exploring a system for acquirers to share certification test results with each other to avoid testing duplication . Will increase its investment to support both acquirers and value-added resellers (VARS) that develop software to power chip terminals .Streamlined testing requirements, simplified terminal certification process, committed to investing further resources that can reduce timeframes by as much as 50 percent.  Full Article

Visa introduces Visa digital commerce app
Tuesday, 7 Jun 2016 08:45am EDT 

Visa Inc :Introduced Visa digital commerce app, issuer-branded mobile commerce solution for financial institutions to offer their own mobile app to customers.  Full Article

European Commission approves Visa Inc's acquisition of Visa Europe
Friday, 3 Jun 2016 06:12am EDT 

Visa Inc : Transaction expected to close before end of June 2016 . Has now received all regulatory approvals required for acquisition of Visa Europe Ltd .European Commission approves Visa Inc's acquisition of Visa Europe.  Full Article

Visa says U.S. payments volume growth of 10 pct overall in April
Monday, 23 May 2016 06:38am EDT 

Visa Inc : Says U.S. Payments volume growth of 10 percent overall in April, with 10 percent growth in credit and 10 percent growth in debit cards . April processed transactions grew 9% yoy . Says processed transactions grew 9 percent in the period between april 1 - 30, 2016, year-over-year .Says cross border volumes grew 5 percent in the period between april 1 - 30, 2016, year-over-year.  Full Article

Visa Co, Visa Europe enter amended and restated transaction agreement
Tuesday, 10 May 2016 08:25am EDT 

Visa Inc : Co, Visa Europe entered into an amended and restated transaction agreement . Company and Visa Europe agreed on terms and conditions of company's acquisition of 100 pct of share capital of Visa Europe . Amended transaction agreement deletes contingent consideration of up to EUR4 billion, plus compounded interest at a rate of 4.0 pct per annum . Amended transaction agreement provides that,company will pay at the closing of deal aggregate up-front cash consideration of EUR12.25 billion . Visa Inc says board of directors of company and Visa Europe have each approved, and were unanimous in their support for, the amended transaction agreement .Amended transaction agreement provides that, company will pay on third anniversary of closing, an additional cash payment of EUR 1.0 billion.  Full Article

Visa Inc reaches preliminary agreement to amend transaction with Visa Europe
Thursday, 21 Apr 2016 04:04pm EDT 

Visa Inc:Response to feedback received from the European Commission, the Company and Visa Europe have reached preliminary agreement to amend their Transaction Agreement to eliminate the earn-out portion of the transaction consideration.The terms of the transaction remain otherwise unchanged.Instead of an earn-out, the cash consideration payable in the transaction will be increased by EUR1.75 billion: EUR750 million payable upon closing, and EUR1.0 billion, plus 4% compound annual interest, payable on the third anniversary of closing.The transaction remains subject to the negotiation of the definitive documentation of this amendment and regulatory approval. While the parties continue to work toward closing as soon as possible, closing could extend beyond the end of the Company's fiscal third quarter.  Full Article

Visa windfall gives European banks Q2 boost

LONDON, June 22 (IFR) - Dozens of European banks will book hefty windfalls in the second quarter from the sale of their stakes in Visa Europe, after Visa Inc this week completed the purchase of its sister card payments firm.