Visa 2015 Annual Report Download - page 7
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the full power of our global platform,
innovative products and services and
world-class brand. The transaction will
provide European clients with direct
access to our investments in technology,
differentiated products and services,
capital and talent. We will also prioritize
European client needs in the allocation
of our resources and we believe we
can deliver a stronger set of digital
capabilities than would be possible
without this combination.
Importantly for Visa Inc., this transaction
will create a truly integrated global
leader and will allow us to capitalize on
strong growth opportunities in a highly
attractive region. We expect that it will
create substantial value through revenue
opportunities and cost efficiencies
associated with the transition from
a member-owned association to a
publicly held commercial entity and
the opportunity to integrate the two
businesses.
European Market
We think Europe is and will continue
to be a very attractive region for us.
As in the rest of the world, our biggest
opportunity for growth is to continue
to increase the share of personal
consumption expenditure using our
products. Cash and check in Europe
represent 37% of personal consumption
expenditure, a 3.3 trillion dollar growth
opportunity. Europe will be a very
important region for the combined
company, representing approximately
17% of cards in force and 28% of
payments volume on a combined basis.
Execution and Integration
We are also confident in our execution
capabilities given our experience of
transitioning the former Visa Inc. regions
to a commercial model from a member-
owned model after our merger in 2007.
Also remember, we are merging two
companies that have a close working
relationship and share many common
products and platforms in the same
business. Importantly, our integration
plans call for a timeline and approach
where our clients’ priorities are first.
We will fully integrate the Visa Inc. and
Visa Europe systems, which we expect
to take three to four years as we work
carefully with our clients to do this
properly.
We plan to maintain a strong European
presence, just as we do in our other
regions. We expect to have a local and
empowered leadership team in Europe,
with the European headquarters in
London. In addition, we’ll invest in the
in-country resources needed to serve
clients effectively and we intend to
maintain a data center in Europe. Finally,
Visa Europe comprises 38 countries, and
we will ensure that we have country-
specific strategies that are responsive to
the evolving competitive and regulatory
landscape.
We are thrilled with the prospect of moving
forward as one company.