The General Meeting of Servired, the leading Spanish system of credit and debit cards, approved last week become a limited company. So far functioned as civil society, a legal form that prevents the sale of shares. The company's president, José Manuel Gabeiras, argued yesterday that the legal change is essential to participate in the Single Payment Area in the EU, the European Commission wants to be operational by 2011.
Gabeiras indicated that this area will encourage the integration of European systems of means of payment and that the move to allow Servired corporation involved in this process. But then emphasized that, at present, the company would not intervene in merger raises some.
"It is reasonable that Brussels wants, for competitive reasons, a third means of payment system in Europe," said Gabeiras referring to the EU objective that the single payment area leading to the creation of a European company capable of competing Visa and Mastercard. "In my opinion, the creation of the third operator will only be possible based on mergers of national payment systems," added the president to serve you.
The conversion into a limited company opens the door to that will be involved in such mergers, although Gabeiras reiterated that the company does not contemplate joining with other European or national companies (Euro 6000 and 4B are corporations for years).
The 102 financial institutions Servired members unanimously agreed to exchange their shares for shares. BBVA (21%), La Caixa (21%) and Caja Madrid (14.5%) are the main shareholders.