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September 10, 2005
HSBC Puts Asian Merchant Card Processing Into JV
HSBC announced a JV with Global Payments Inc. in merchant card processing, to cover most of South Asia and Greater China. From the WSJ feed:
Under the agreement, HSBC will transfer its existing credit card merchant acquiring businesses in 10 countries and territories in Asia to the new company. HSBC will retain a 44% interest in the joint venture and will transfer the remaining 56% 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.
Posted by The Banker at September 10, 2005 02:36 PM
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