Luxembourg’s Banking Circle to buy Australian Settlements Ltd.

ASL provides settlement and payment services in Australia.

Banking Circle S.A., a Luxembourg-licensed bank, is acquiring a 100% stake in Australian Settlements Limited (ASL).

ASL was formed in 1993 and provided settlement and payment services to banks and payment companies in Australia.

Banking Circle currently operates in Australia through its regulated Australian Financial Services Licence (AFSL) subsidiary, BC Payments Australia, which provides local payment services via ASL.

“The combination of Banking Circle and ASL will enable Australian financial institutions to access global payment solutions and open up Australian dollar settlement services to global players, thereby making financial services in the Australian market more accessible, seamless, and cost effective,” Banking Circle said in a press release.

Through the transaction, Banking Circle aims to accelerate its expansion into Australia and brings its full product suite to the market, said Laust Bertelsen, CEO of Banking Circle.

"With this acquisition, we are reinforcing our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and our global clients,” Bertelsen said.

ASL CEO Mark Tibbles said that the acquisition will enable ASL to significantly enhance its capabilities and provide even more value to its clients.