AUCKLAND, NZ: Westpac has confirmed it is in preliminary discussions with Tyro Payments Limited to acquire 100% of the company’s issued share capital.

There is no certainty that any transaction
will result.

An acquisition would strengthen Westpac’s small business proposition, enabling it to better support customers and grow merchant acquiring, particularly in the hospitality and healthcare sectors.

Australia’s top two lenders, Commonwealth Bank of Australia (CBA.AX) and National Australia Bank (NAB.AX), have also been understood to have considered a play for the payments platform firm, but have not tapped in a counsel yet.