The Visa International board on Wednesday voted against adopting a bylaw that would prevent its members abroad from issuing competing card brands such as American Express.

Instead, Visa's six regional boards abroad will have the option to implement their own policies.

"Taking into account the diverse market and regulatory conditions throughout the world, the Visa International Board delegated to its regional boards the responsibility to develop their own strategies," Visa said in a statement.

The Visa European Union Board, headed by Hans van der Velde, said it would not implement the bylaw. The other five boards did not announce decisions.

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