HSBC sells 56% stake in Asia-Pacific card processing to Global Payments

HSBC is to transfer its credit card merchant acquiring businesses in 10 countries and territories in Asia to a new joint venture company formed with transaction processor Global Payments.

Be the first to comment

HSBC sells 56% stake in Asia-Pacific card processing to Global Payments

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Under the agreement, Global Payments will pay HSBC $67.2 million in cash for a 56% interest in the joint venture.

HSBC will control the remaining 44% and has agreed to a ten-year marketing alliance referring new merchant customers for payment processing services in ten Asia-Pacific countries and territories, including Brunei, the Hong Kong SAR (Special Administrative Region), India, the Macau SAR, mainland China, Malaysia, Maldives, Singapore, Sri Lanka and Taiwan.

Global Payments is anticipating strong growth in the business, particularly in emerging regions of India and China.

Michael Smith, HSBC president and CEO says. "The joint venture will have the combined benefit of HSBC's large and extensive footprint in the region as well as Global Payments' technological expertise."

Sponsored [Webinar] AI and Synthetic Data: Fighting Financial Fraud and Protecting Customers

Comments: (0)

[Impact Study] Payment Fraud in 2024: Who is Liable?Finextra Promoted[Impact Study] Payment Fraud in 2024: Who is Liable?