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Euronet Acquires Greek Merchant Business from National Bank of Greece

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  Published in Business and Finance on Wednesday, December 31st 2025 at 18:49 GMT by American Banker

Euronet Expands European Footprint with Acquisition of Greek Merchant Acquiring Business from National Bank of Greece

Euronet Worldwide, a global payments technology company, is significantly expanding its presence in Europe through a substantial acquisition: the merchant acquiring business of National Bank of Greece (NBG). This deal, announced recently, will see Euronet take over NBG’s portfolio of merchants and associated infrastructure, marking a significant step for both companies. The move highlights ongoing consolidation within the European payments landscape and underscores the increasing demand for specialized payment processing solutions.

The Deal: A Significant Scale-Up for Euronet

The agreement, valued at approximately €235 million (roughly $254 million USD), encompasses NBG’s merchant acquiring operations across Greece. This includes a substantial portfolio of around 60,000 merchants – representing a considerable chunk of the Greek market – processing roughly €7 billion in annual transaction volume. While the specific details regarding the breakdown of card types processed (debit, credit, etc.) aren't explicitly stated, it’s safe to assume a mix reflecting typical consumer spending patterns in Greece.

For Euronet, this acquisition isn't merely about adding revenue; it’s about strategic expansion and market share gain. Currently, Euronet operates merchant acquiring businesses across several European countries, including Ireland, Poland, Hungary, Romania, and others. However, Greece has remained a relatively untapped area for the company’s direct merchant acquiring services. This acquisition provides immediate scale in a strategically important region of Southern Europe. The transaction is expected to close in the second half of 2024, subject to regulatory approvals.

Why National Bank of Greece is Selling

The decision by NBG to divest its merchant acquiring business isn't entirely surprising. Greek banks have been under pressure for years to streamline operations and improve profitability, particularly following a period of economic instability and restructuring. As highlighted in previous American Banker articles (and broader industry trends), many traditional banking institutions are realizing that maintaining proprietary merchant acquiring businesses can be resource-intensive and less profitable than focusing on core banking services. NBG’s focus will likely shift towards strengthening its core retail, corporate, and investment banking operations.

Furthermore, the payments landscape is becoming increasingly complex. Merchant acquiring involves significant technological investments in payment processing infrastructure, cybersecurity, fraud prevention, and compliance with evolving regulations like PSD2 (Revised Payment Services Directive). Euronet's expertise in these areas makes it a more suitable long-term owner for this business than NBG, which may lack the specialized resources to compete effectively in the rapidly changing payments environment. NBG will retain a strategic partnership agreement with Euronet following the acquisition.

Euronet’s Strengths and Synergies

Euronet's appeal as an acquirer stems from its established expertise in payment processing, particularly its focus on cross-border transactions. While the NBG portfolio is primarily domestic Greek merchants, Euronet can leverage its existing infrastructure and technology to potentially offer these merchants expanded services, including international payments acceptance and value-added solutions. Euronet’s global network allows it to provide competitive pricing and efficient processing capabilities, which should be attractive to the acquired merchant base.

The company's press release emphasized the potential for synergies – cost savings through shared infrastructure and operational efficiencies. Euronet also plans to invest in further developing NBG's acquiring platform to enhance its features and security, creating a more robust offering for Greek merchants. This aligns with Euronet’s broader strategy of integrating acquired businesses and leveraging economies of scale. As stated on their investor relations page, Euronet is “committed to delivering sustainable growth through disciplined capital allocation.”

Broader Industry Context: Consolidation and Specialization

This acquisition reflects a wider trend within the European payments industry – consolidation driven by specialization. Traditional banks are increasingly shedding non-core businesses like merchant acquiring in favor of focusing on their strengths. Meanwhile, specialized payment processors like Euronet are aggressively expanding through acquisitions to gain market share and offer more comprehensive solutions. The rise of fintech companies further intensifies this competition, forcing traditional players to adapt or divest.

The acquisition also underscores the importance of regulatory compliance within the payments sector. PSD2, for example, has significantly impacted how payment services are provided, requiring banks and processors to open up their systems to third-party providers and enhance security measures. Companies like Euronet, with experience navigating complex regulatory landscapes, are well-positioned to thrive in this environment.

Looking Ahead

The integration of NBG’s merchant acquiring business into Euronet's operations will be a crucial phase. Euronet faces the challenge of retaining merchants and ensuring a smooth transition for both employees and customers. The success of the acquisition hinges on Euronet’s ability to leverage its expertise, capitalize on synergies, and continue investing in innovative payment solutions that meet the evolving needs of Greek businesses. This deal solidifies Euronet's position as a significant player in the European payments ecosystem and signals further consolidation within the industry is likely to follow.

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