Sale of shareholding in Global Payments Asia-Pac

RNS Number : 6441I

HSBC Holdings PLC

26 July 2012

 



HSBC TO SELL 44% SHAREHOLDING IN

GLOBAL PAYMENTS ASIA-PACIFIC

The Hongkong and Shanghai Banking Corporation Limited (HSBC), a wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its 44% shareholding in Global Payments Asia-Pacific Limited (GPAP), a card processing joint venture, to partner Global Payments Inc., for a consideration of US$242m in cash.

The GPAP joint venture was created in 2006 when HSBC sold a 56% shareholding to Global Payments Inc., a leader in electronic transaction payment processing. Following completion of the proposed sale, it is intended that GPAP will be HSBC's preferred strategic provider of card merchant acquiring services in Asia-Pacific, covering 11 countries and territories.

The transaction, which is subject to regulatory approvals and the agreement of the terms of ancillary commercial contracts, is expected to complete during the second half of 2012 and represents further progress in the execution of HSBC's strategy.

Notes to editors:

1. Global Payments Inc.

Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe and the Asia-Pacific region. Global Payments, a Fortune 1000 company, 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, verification and recovery including electronic check services, as well as terminal management.  Visit www.globalpaymentsinc.com for more information about the company and its services.

2. HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,637bn at 31 March 2012, the HSBC Group is one of the world's largest banking and financial services organisations.

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