Bank of Cyprus considers selling JCC to Euronet

Changes are imminent in Cyprus' payment sector as discussions unfold regarding the sale of JCC Payment Systems Ltd to Euronet. According to Panayiotis Rougalas' story which was published on Kathimerini's Cyprus edition, JCC Payment Systems, a leading player in Cypriot transactions, might soon transfer to Euronet, reminiscent of the 2021 deal where Piraeus Bank acquired the card acceptance and transaction processing segment from Piraeus Bank in Greece.

Sources indicate that consultations for the potential sale began in mid-summer, featuring presentations and meetings with interested parties. JCC Payment Systems, which dominates the Cypriot market following the reduction of RCB Bank's market share, has drawn significant interest.

Euronet, known for its ATM networks across Cyprus and its broad service portfolio including money transfers, credit/debit card processing, and digital payments, could significantly expand its footprint if the acquisition proceeds. Euronet operates in over 200 countries and regions.

Bank of Cyprus has hinted at a strategic review that might lead to the sale of part or all of its stake in JCC Payment Systems. If finalized, this deal would mark the second major Greek banking sector entry into Cyprus in the past five years, following Eurobank's acquisition of Greek Bank.

Details on the sale price and timeline remain unclear due to the complex nature of the transaction. Bank of Cyprus holds a 75% stake in JCC Payment Systems, with other shareholders including Greek and Cypriot banks.

JCC Payment Systems was founded in 1989 by Cyprus's two largest banks to handle and process card transactions. It operates a significant payment gateway with around 200,000 users and processes approximately 10,000 transactions daily. It is certified under the PCI DSS and ISO 27001 standards for data security.

Euronet Worldwide Inc., listed on NASDAQ (EEFT), is a global provider of electronic payment and transaction processing solutions. With over 20 years in Greece, Euronet is a major player in the payments sector.