Banking News

Visa Europe taps ex-BoE deputy

Visa Europe taps ex-BoE deputy

(11 September 2017 – Europe) Visa Europe has hired former Bank of England Deputy Governor Charlotte Hogg as their new chief executive.

Hogg resigned from the central bank earlier this year following reports she had failed to disclose that her brother was head of strategy at Barclays.

Her failure to declare the potential conflict of interest was only discovered earlier this year, when the Treasury Select Committee reviewed her application for the deputy governor role.

Hoggs appointment to Visa Europe comes just over a year after the US payment service provider acquired its European sister company for around €16.5 billion (A$24.6 billion), with an additional €4.7 billion dependent on business performance.

Barclays is thought to have held the largest stake in Visa Europe among the British banks, and received around £400 million from the sale.

Hogg will commence her new role from 1 October, when she will also become Visa's executive vice president.

Speaking of the appointment, Visa Europe's chairman, Gary Hoffman, said, “Visa is entering a very exciting chapter in its history, in which the company has a significant opportunity to harness new payment innovations, offer differentiated payments services and forge new partnerships."

According to the firm’s most recent results, ending June 30, Visa said it processed transactions had jumped 13 percent year on year, including Europe's results for both years.

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