The conversion of MasterCard International into a private share corporation and its merger with Europay International have been completed, creating a unified, shareholder-owned global payments company, which will deliver significant benefits to customers around the globe.
"The integration of MasterCard and Europay unites two of the strongest players in the payments business so that we can now deploy a truly globally integrated, regionally sensitive strategic model," said Robert W. Selander, president and CEO of Purchase, N.Y.-based MasterCard. "By integrating with Europay, we're enhancing our ability to deliver high-quality, reliable payment solutions to our members globally, while maintaining regional flexibility that is responsive to local market requirements and conditions."
Selander said that by joining Europay's strength in m-commerce, smart cards, and debit cards with MasterCard's leadership in customer relationship management, brand marketing, and processing technology, "the financial institutions we serve will receive superior support and delivery whether they operate in one country, on one continent, or in diverse markets around the world."
Europay, MasterCard's long-standing strategic ally in Europe, is being integrated into the global organization as MasterCard's Europe Region. The Europe Region will continue to be based in Waterloo, Belgium. Dr. Peter Hoch, Europay's chief executive, will continue his leadership as president of MasterCard's Europe Region, reporting to Selander.
"Europay has just marked another critical milestone, with over 300 million cards now issued in our region. It's a proud moment at which to enter into this merger," said Hoch. "Our members have always benefited from our strategic alliance with MasterCard but the benefits of working as a truly integrated global company will now be all the greater."
With a unified governance and management structure, MasterCard will increase strategic flexibility, strengthen customer responsiveness and shorten time-to-market for innovative products and services, Selander said.
At the same time, MasterCard's regions - Europe, Asia/Pacific, Latin America/Caribbean, South Asia/Middle East/Africa and North America - will maintain their regional boards and the ability to decide how best to implement MasterCard's global strategy on a regional level, and establish rules and policies that reflect local practices.