Mexico: Global Payments Inc. – HSBC Joint Venture approved

Global Payments Inc. and HSBC Holdings plc have announced a joint venture which they will operate at a 50% -50% equal partnership, to operate the HSBC Mexico and Grupo Financiero HSBC assets. The terms of the transaction were not disclosed.

The joint venture, which will include the bank’s card payment business, was authorized by Mexico’s CNBV and the Federal Commission for Economic Competition (COFECE). The company would provide payment technology services to a Mexican market, where HSBC has a leading presence and an important customer base.

Global Payments was founded in 1967 as National Data Corporation. It is recognized for its leadership in payment solutions and computer processing services.