hsbc-finalises-payment-processing-jv

HSBC finalises payment processing JV

HSBC and Global Payments join forces to create merchant acquiring business in Asia.
July 27, 2006
HSBC has completed the formation of a joint venture with Atlanta-based Global Payments Inc, which will serve as a merchant acquiring business in Asia and will build on its strong credit card presence in the region.

The new entity will be known as Global Payments Asia-Pacific and will be headquartered in Hong Kong with a headcount of approximately 120 employees.

It will be 44% owned by HSBC, while Global Payments will hold a 56% interest for which it paid HSBC $67.2 million. The respective holdings of the two firms will also be reflected in the board composition, with three directors nonminated by Global Payments and two by HSBC.

The completion of the joint...
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