J.P. Morgan to Take Majority Ownership of Volkswagen Payments Business

LONDON–(BUSINESS WIRE)–J.P. Morgan announces today that it has entered into a strategic deal with Volkswagen Financial Services, with plans to acquire a controlling interest of close to 75% in the car manufacturer’s payments platform, operated by Volkswagen Payments S.A., subject to regulatory approvals. The deal will expand the bank’s digital payment capabilities and see the platform extended and accessible to the broader auto industry for the first time. Over time, the alliance between the

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