Autos

JPMorgan to buy majority stake in Volkswagen payments unit

0


The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York.

Tim Clayton – Corbis | Corbis Sport | Getty Images

JPMorgan said Wednesday it plans to buy a majority stake of close to 75% in Volkswagen’s payments business.

The U.S. banking giant said the deal would help it expand its digital payment capabilities and enter into the automotive industry for the first time.

Over time, the two companies plan to develop Volkswagen’s platform to cover markets outside the automotive sector, JPMorgan said.

“We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform and apply the global scale of our payments…



Source cnbc.com

0 0 votes
Article Rating

Fusion gets closer with successful test of new kind of magnet

Previous article

Lululemon (LULU) Q2 2021 earnings beat

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Autos