LONDON (ShareCast) - (Sharecast News) - Credit Agricole said on Monday that it has bought a stake of around 7% in French payments group and joint venture partner Worldline.
The French bank said the investment builds upon the merchant payment services strategic partnership between the two, which was announced in July last year.

"It is intended to strengthen this partnership to create a major player in the French merchant payment services market," the bank said.

"In addition to the strategic partnership, this transaction demonstrates Credit Agricole group's intention to support Worldline's development and implementation of its strategy as a key European payment services provider.

"Through this transaction, Crédit Agricole Group is reaffirming confidence in its partner: a strong franchise, leading-edge technologies, and proven innovation capabilities, at the service of its customers."

Worldline said in a separate statement that Credit Agricole's stake "is a testament to the strategic evolution of the European payment market and of the importance of this partnership as well as of the quality of the payment solutions that Worldline offers to its merchant and banking clients".

At 1230 GMT, Worldline shares were up 2.8% at €13.48.

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