Fifth Third Acquires NPC
Sept. 27, 2010
Fifth Third Processing Solutions, LLC recently announced it has signed a definitive agreement to acquire National Processing Company (NPC). The company said the transaction creates one of the largest merchant acquiring businesses in the United States, with a particular focus on small and medium enterprise (SME) businesses. Fifth Third Processing Solutions said it intends to leverage NPC’s expertise in the SME segment to cross sell merchant processing to more than 3,000 current Fifth Third Processing Solutions financial institution customers. “This acquisition is an important part of our ongoing growth strategy, as it broadens our client relationships, enhances the innovative services we provide merchants across the United States and expands our cross-selling opportunities among our clients,” said Charles Drucker, president and CEO of Fifth Third Processing Solutions. “We are particularly excited about the opportunities now before us in the fast-growing SME space and the benefits we will be able to deliver to an expanded base of merchants and financial institutions. SMEs will be able to leverage the same industry-leading payments system that our customers in the national grocery, retail, restaurant and drug store verticals rely upon to meet their payment processing needs. Our financial institution clients will gain better support for their merchant customer needs.” The transaction is expected to close in early November, pending regulatory and shareholder approvals.