The Hindu Business Line : HSBC in pact with Global Payments

HONGKONG and Shanghai Banking Corporation Ltd 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.

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 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 $67.2 million.

Upon completion, expected within 12 months, HSBC's merchant acquiring operations in 10 Asia-Pacific countries and territories will be migrated to the joint venture as and when local regulations allow. The countries and territories covered by the agreement are India, Brunei, Hong Kong, Macau, mainland China, Malaysia, Maldives, Singapore, Sri Lanka and Taiwan.

Global Payments is one of the largest payment processing providers in the world, offering transaction processing products and services for funds and payment information.

Global Payments has offices in the US, the UK, Europe, Canada and Mexico, with assets totalling $853 million as on May 31, 2005.

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