By Alice Uribe

SYDNEY--Australia and New Zealand Banking Group Ltd. has formed a joint venture with European payments company Worldline to provide payments technology and merchant services in Australia.

The Australian bank said Tuesday the tieup involves the formation of a newly created merchant acquiring group, with ANZ and Worldline holding a 49% and 51% interests, respectively.

"We have a proven track record of partnering with global leaders in specialist fields if it means providing a better service to our customers," said Mark Hand, ANZ Executive Australia Retail and Commercial.

ANZ estimated that completion of the transaction will increase its Level 2 CET1 capital ratio by 5 basis points. The transaction is expected to complete in late 2021 and is subject to approvals and card scheme arrangements.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

December 14, 2020 17:06 ET (22:06 GMT)

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