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ING completes purchase of 75% stake in payments firm Payvision

ING Groep NV completed the purchase of a 75% stake in Dutch payments service provider Payvision, which the bank said has a total value of €360 million.

Payvision's founding management team will maintain a 25% minority stake and continue to lead the company. ING noted that the deal, first disclosed in January, does not have a material impact on its common equity Tier 1 ratio.

The Dutch banking group said the transaction will enable it to boost its footprint in omnichannel payments services and expand its merchant services for business customers, especially in e-commerce.