Global Payments teams up with HSBC for Asia-Pacific operations
By Mumbai: | 26 Jul 2006
"We are honoured to have been chosen by HSBC for this important joint venture. Having the ideal partner for payment card processing makes our prospects for success in this dynamic and growing region even more compelling," said chairman, president and chief executive officer of Global Payments, Paul R Garcia.
According to Ian Courtnage, managing director of Global Payments Asia-Pacific, "This joint venture will strengthen our capabilities in the merchant acquiring business as Global Payments Asia-Pacific will benefit from HSBC's large and extensive footprint in the region as well as Global Payments Inc's technological expertise. I am personally pleased to lead this exciting and innovative venture in the rapidly-expanding Asia-Pacific payments market."
Under the terms of the agreement announced in September 2005, Global Payments paid HSBC $67.2 million in cash to acquire a 56 per cent stake in the joint venture. HSBC which controls the remaining 44 per cent, contributed its existing Asia-Pacific merchant acquiring channel in ten countries and territories to the joint venture. HSBC and Global Payments have also entered into a ten-year marketing alliance for the joint venture.
Global Payments is a leading provider of electronic transaction processing services for consumers, merchants, independent sales organisations (ISOs), financial institutions, government agencies and multi- national corporations located throughout the United States, Canada, Latin America, Europe and the Asia-Pacific region. It offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, check verification and recovery, as well as terminal management. The company also provides consumer money transfer services from the US and Europe to destinations in Latin America, Morocco and the Philippines.
London-based HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by nearly 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.