Banking Circle SA, a Luxembourg-licensed bank and global provider of banking services, on Monday 13 January 2025, that it had entered into a definitive agreement to acquire Australian Settlements Limited (ASL). The transaction, which includes a 100% acquisition of ASL, remains subject to regulatory approvals and other closing conditions.
ASL is a licensed authorised deposit-taking institution in Australia, specialising in settlement and processing services for banks and payment companies. The acquisition was reported to align with Banking Circle’s goal of establishing a global hub for real-time clearing and settlement of major currencies and expanding its reach into the Australian financial market.
Banking Circle, through its Australian Financial Services Licence subsidiary, BC Payments Australia Pty Ltd, has already provided local payment services via ASL. The acquisition will allow the Luxembourg-based bank to accelerate its growth in Australia and offer a broader range of its services to the local market.
The strategic rationale behind the acquisition, according to the announcement, was to merge ASL’s local processing and clearing expertise with Banking Circle’s global payments solutions. This combination was reported to provide Australian financial institutions with access to Banking Circle’s international payment services while also extending Australian dollar settlement services to global participants.
In a press statement, Laust Bertelsen, CEO of Banking Circle, identified Australia as a strategic market due to its substantial cross-border trade flows and dynamic banking and fintech ecosystem. Bertelsen stated, “With this acquisition, we are reinforcing our commitment to providing seamless, cost-effective payment solutions to Australian financial institutions and our global clients.”
Mark Tibbles, CEO of ASL, referred to the acquisition as a transformative opportunity for ASL, noting that leveraging Banking Circle’s global infrastructure would enhance ASL’s service capabilities and strengthen its position within the Australian payments market.
Chief commercial officer of Banking Circle, Mishal Ruparel, added that ASL’s local clearing strengths, combined with Banking Circle’s global payments infrastructure, would create a compelling offering for financial institutions. He noted that the integration would enable both Australian and international clients to benefit from more accessible and efficient payment solutions.