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HSBC to form credit card processing JV with Global Payments Inc.
08 September 2005
The Hongkong and Shanghai Banking Corporation Limited has entered into an agreement with Global Payments Inc. to establish a joint venture to expand the companies’ credit card merchant acquiring businesses in Asia.
The agreement will see HSBC transfer its existing credit card merchant acquiring businesses in 10 countries and territories in Asia to the new company. HSBC will retain a 44 per cent interest in the joint venture and will transfer the remaining 56 per cent in the new company to Global Payments for a consideration of US$67.2 million. The deal is subject to regulatory approvals and certain conditions.
The board of the new company will comprise three directors from Global Payments and two from HSBC. Under the agreement, HSBC has agreed to marketing alliances with the joint venture company for up to 10 years in each of the 10 countries and territories involved.
Read the full press release (1 page pdf 80k).
Media enquiries to pressoffice@hsbc.com
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