(CNBC) US top bank JPMorgan is aiming for a majority stake in Volkswagen’s payments unit, with up to 75% ownership being considered. The deal is expected to close in the first half of 2022.
JPMorgan expects the deal to grow its digital payments operations and accelerate entry into the automotive industry.
The US banking giant seeks to partner with the unit to develop Volkswagen’s platform that will cover markets beyond the automotive sector. The companies may re-brand the venture after the deal closes.
The deal comes when Volkswagen is making inroads into the digital payments industry. The company’s payments unit was created in 2017.
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