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Genpact advised on Aus banking acquisition
Genpact has been advised on the acquisition of a major cheque processing business.
Tom Lodewyke
Firms: Clarendon Lawyers (Genpact Limited); undisclosed (Fiserv Inc.)
Value: Undisclosed
Area: M&A, banking and finance
Key players: Clarendon Lawyers managing director Tony Symons (pictured) and director Nick Golding led the team advising Genpact. They were assisted by senior associate Julie Lyons and lawyers Ingrid Mohr and Natasha Arora.
Deal significance: Genpact has entered an agreement to acquire the assets of Fiserv Inc’s Australia-based item processing business (IPB), which services three of the four major banks and handles approximately 70 per cent of all cheques processed in the Australian market.
Genpact, which is listed on the New York Stock Exchange (NYSE:G), provides digitally powered business process management and services to clients, including approximately one-fifth of the Fortune Global 500. The acquisition is intended to strengthen its Australian presence and its ability to transform and digitise high-volume transaction operations.
“The Australian market is a key strategic focus for Genpact, and the IPB’s strategic capability and client base will strengthen Genpact’s global financial services business,” said Mr Symons.
“This transaction fits perfectly within our skill set: assisting a sophisticated client on its strategic, cross-border M&A. It is highly rewarding to work with the talented Genpact team on this important acquisition, and we look forward to continuing the relationship.”
