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Home : Merchant Services : HSBC Bank and Global Payments finalize merchant services JV in UK
HSBC Bank and Global Payments finalize merchant services JV in UKGlobal Payments has completed the formation of a joint venture with HSBC Bank to provide payment processing services to merchants in the UK and internet merchants globally. The joint venture, HSBC Merchant Services, will provide merchant acquiring services to over 135,000 merchant outlets.
Under the terms of the agreement, Global Payments paid HSBC $439 million in cash to acquire a 51% ownership in the joint venture. HSBC controls the remaining 49% and contributed its existing merchant acquiring business in the UK to the joint venture. In addition, HSBC and Global Payments have entered into a 10-year marketing alliance in which the bank will refer its customers to the joint venture for merchant payment processing services. Paul Garcia, chairman, president, and CEO of Global Payments, said: "We are honored to have been chosen by HSBC for this important joint venture. The growth prospects in the UK and throughout Europe are encouraging, and having HSBC as our partner for payment card processing makes the prospects for success even more compelling." Darren Wilson, head of merchant services at HSBC, added: "This joint venture will strengthen our abilities as HSBC Merchant Services will continue to benefit from HSBC's large and extensive footprint as well as Global's added expertise in acquiring." http://www.tradingmarkets.com/.site/news/Stock News/1725914/ 24 times read
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