HSBC Bank Malta, a subsidiary of HSBC, has agreed to sell its card acquiring business to HSBC Merchant Services (Global), which is a Maltese subsidiary of Global Payments.
As per the deal, HSBC Malta will transfer its existing card acquiring business to Global for a consideration of EUR11.075m ($14.476m) that is subject to regulatory approval.
The new business will serve as HSBC Bank Malta’s preferred strategic card acquiring services provider, while the bank’s staff will become employees of Global.
HSBC Bank Malta CEO Alan Richards said that the transaction will strengthen partnerships with Global Payments in the UK, Asia Pacific and North America along with HSBC’s extensive business customer franchise and Global Payments experience in transaction handling.
HSBC Group, headquartered in London, serves customers in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and Africa. As of 30 September 2011the group has assets worth US$2,716bn.