China Unionpay Denies Reports It Will Sell 10% Stake

By MasterCard Worldwide and Visa Inc.

Published July 28, 2009, 1:00 a.m. EDT

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Updated July 28, 2009, 12:00 a.m. EDT

1 Min Read

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China UnionPay Tuesday denied reports that is plans to sell a 10% stake in the company. Reports out of China early this week indicated that the China-based payment card network, which continues to expand internationally as it tries to compete with other card brands such as MasterCard Worldwide and Visa Inc., would sell the stake to three investment firms based in China. Reports also say the network would hold an initial public offering in 2010. "We have not sold any stake," a UnionPay spokesperson tells CardLine Global. "There are no plans as of now for going public." China UnionPay has a network of more than 1.3 million merchants and 2.1 million point-of-sale terminals.

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