JP Morgan to acquire a 75% stake in the payments business of Volkswagen Financial Services.

JP Morgan to acquire a 75% stake in the payments business of Volkswagen Financial Services, a provider of dealer and customer financing, leasing, direct banking and insurance activities, fleet management and mobility services. The deal is expected to close in the first half of 2022. Financial terms were not disclosed. “We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform and apply the global scale of our payments expertise to meet evolving customer expectations in the auto space and beyond," Shahrokh Moinian, JP Morgan EMEA Head of Wholesale Payments.