Global Payments Inc.'s Asian joint venture with HSBC Holdings PLC has purchased the London banking company's merchant acquiring operations in the Philippines.
The Atlanta processor, which owns 56% of the joint venture, said Thursday that its share of the purchase price came to $11 million, valuing the merchant acquiring business at about $20 million.
The deal was announced in July.
HSBC will now refer merchant customers in the Philippines to Global Payments Asia-Pacific, which was formed in Hong Kong in 2006. The bank already does so for its customers in Brunei, Hong Kong, India, Macau, mainland China, Malaysia, Maldives, Singapore, Sri Lanka, and Taiwan.
In June, Global Payments paid $439 million for a 51% stake in HSBC's U.K. merchant acquiring business to create another joint venture, HSBC Merchant Services.