Global Payments plans to buy the remaining shares in its joint venture with HSBC
Global Payments Inc. (Global Payments) plans to acquire the remaining 44 per cent ownership interest from HSBC in Global Payments Asia Pacific, said in its press release. Global Payments Asia Pacific is a joint venture between Global Payments and HSBC which formed in 2006, to provide payment processing services to merchants in Asia-Pacific. The acquisition will be taken place by Q2 of 2013 once the proposed acquisition is approved by relevant regulator.
Despite the acquisition, HSBC still provide exclusive merchant services referrals to Global Payments until 2021 under current Marketing Alliance Agreement signed by both parties.
by Terry Brown