Credit card processing company Promisant is to be taken over by the Bank of Butterfield, it was agreed recently.

The company, which was formerly based in Richmond House, was one of the subsidiaries of Promisant Holdings Limited.

It provides multi-currency payment processing services to Bermudian and international merchants.

"As a major shareholder in the Promisant Group and its bank sponsor with Visa and MasterCard, we have a vested interest in the company's success, and we continue to believe in the benefits of their payment processing technology.

"When the Promisant group considered selling its subsidiaries we felt it was a sound decision to purchase the company," said Alan Thompson, president and CEO of the Bank of Butterfield.

And, according to the bank's senior vice-president of human resources and corporate communications Karla Lacey-Minors, none of Promisant's staff risk losing their jobs in the acquisition.

"It's up to them if they want to stay. We would expect them to but it's really their choice," she said.