Sponsored by
300 jobs safe as firm inks £290m deal
CITY finance firm Travelex has sold part of its operation to finance giant MasterCard in a £290 million deal.
Travelex, based at Thorpe Wood in Peterborough, has sold off its prepaid Cards Programme Management (CPM) division, which manages and delivers prepaid travel cards to business partners around the world, including financial institutions, retailers, travel agents and foreign exchange bureaux.
MasterCard has confirmed there will be no redundancies from Travelex’s 300-strong workforce.
The sale is viewed as a “strategic” move for MasterCard and positive news for the Peterborough business.
Mark Horgan, divisional managing director for cards and mobile payments at Travelex, said: “MasterCard is committed to Peterborough and the area - jobs are secure and the future is bright.
“We operate our cards business in more than 20 countries, with another seven to come on stream. There is enormous growth potential for prepaid cards.”
Ajay Banga, MasterCard president and chief executive officer, added: “The acquisition of Travelex’s CPM operations underscores MasterCard’s commitment to the global prepaid business, which remains a key strategic focus for us.”
Peter Jackson, chief executive of Travelex, said selling its division will mean they can fast-track investment plans in higher growth regions such as Asia and South America.
He said: “MasterCard is a great partner of Travelex and we are also pleased to continue to offer our customers the benefits of the Travelex Cash Passport.
“The sale follows a strong year for the group in which we have continued to extend our global footprint and deliver a strong performance.”
Travelex says it is committed to growing its consumer foreign exchange and international payments business for retail and corporate customers.
It plans further expansion in emerging markets around the globe and its e-commerce sector.
Prepaid is one of the fastest-growing payment card categories - a recent study commissioned by MasterCard said it should grow by 22 per cent a year until 2017.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Peterborough
Wednesday 22 February 2012
Today
Light rain
Temperature: 9 C to 11 C
Wind Speed: 33 mph
Wind direction: South west
Tomorrow
Sunny spells
Temperature: 9 C to 15 C
Wind Speed: 20 mph
Wind direction: South west
Comments
There are 1 comments to this article
Page 1 of 1
peterborough.gov
Saturday, December 11, 2010 at 09:49 PMThat has been a long time in waiting, why would there be no redundancies when MasterCard have there own back office setup, and contact centre for there credit cards. It won't be long before cuts are made.....
Page 1 of 1
Your view
Please sign in to be able to comment on this story.