First National Bank of Omaha (FNBO) has signed a joint venture agreement with Tsys to form a new company, First National Merchant Solutions (FNMS).
FNMS offers transaction processing, merchant support and underwriting, and business and value-added services, as well as Visa- and MasterCard-branded prepaid cards for businesses of any size.
“This joint venture gives FNMS increased opportunities to compete in a rapidly-changing industry,” said Daniel O’Neill, president of FNBO. “Partnering with Tsys allows us to gain technology and tools that will permit us to accelerate growth and enhance our capabilities to serve our growing customer base.”
Under terms of the agreement, Tsys will acquire 51% ownership of FNMS for approximately US$150.5m, while FNBO will control the remaining 49%. The transaction is expected to close 1 April 2010.
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