The move, announced this afternoon, will see First Data Australasia's international card and merchant services division take over the operation in phases, starting next month and concluding in the last quarter of 2003. Westpac is to retain control of its cards sales, credit, collections and customer service back-office functions in New Zealand and Australia.
Greg Nash, president of First Data's card and merchant services operations for Australia, New Zealand and South Asia, said the company had concluded the deal with Westpac after nine months of negotiations.
Westpac said it expected to redeploy around 25 staff as a result of securing the deal.
