COLUMBUS, Ga. – Bank holding company Synovus yesterday said it plans to spin off its TYSY unit, one of the nation’s largest processors of credit card transactions. Synovus plans to spin off 80.8% of TSYS to its own to shareholders in a tax-free transaction. TSYS, formed by Synovus in 1983, has grown to become the largest third-party card processor in the United States and one of the largest outsourced transaction processing vendors in the world. TSYS’ shares have traded publicly on the NYSE since 1989. Synovus is a $34 billion bank holding company with offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
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