- Friction in Relationship:
- Reports suggest tension between JP Morgan and Viva Wallet.
- Two out of three JP Morgan-nominated directors resigned from Viva Wallet’s board.
- Acquisition Deal Background:
- In December 2022, JP Morgan acquired a 48.5% stake in Viva Wallet for $800 million.
- Part of JP Morgan’s strategy to enter Europe’s payments market.
- Recent Developments:
- The Information report highlights rising tensions between the two companies.
- Directors Jessica Marlborough and James Crotty resigned in October and November.
- Board Replacements:
- Viva Wallet CEO chose replacements against JP Morgan’s recommendations.
- CFO and former investor appointed to the board.
- Allegations and Disputes:
- Reports suggest friction over a denied $100 million loan from JP Morgan.
- Viva Wallet blames JP Morgan for slowing down business plans in recent filings.
- Official Statements:
- JP Morgan spokesperson praises the resigned directors’ oversight.
- JP Morgan claims to work in line with the original shareholder agreement.
- Successors are nominated to ensure good governance and regulatory compliance.
- Company Responses:
- Viva Wallet engages in a constructive dialogue with shareholders.
- The company collaborates with JP Morgan and We Realize for board changes.
- BoD changes undergo regulatory processes and fit & proper evaluations.
- Ongoing Processes:
- Board member topics remain on the agenda for upcoming General Assemblies.
- Processes adhere to regulatory obligations and may take time to complete.
