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Global Payments Inc. says its Asia-Pacific joint venture payment-processing partnership is expanding into the Philippines. Global Payments is partners with HSBC and the joint venture will expand its coverage after reaching an agreement with United Kingdom-based HSBC Group. According to the agreement's terms, the Asia-Pacific joint venture paid HSBC approximately US$20 million (14.4 million euros) for HSBC's Philippines merchant acquiring business. United States-based Global Payments owns 56% of the joint venture. "Our merchant customers will benefit from a wider range of card payment solutions," Mark Watkinson, president and CEO of HSBC in the Philippines, said in a statement. HSBC in the Philippines also agreed to refer new merchant accounts to the joint venture, Global Payments says. The Asia-Pacific joint venture also provides card payment-processing services to merchants in Brunei, Hong Kong, India, Macau, China, Malaysia, Singapore, Sri Lanka and Taiwan, Franco Turrinelli, an analyst with United States-based William Blair& Co., wrote in an analyst report released Wednesday. The deal between HSBC and the Asia-Pacific joint venture is scheduled to close in the second quarter, say both companies.
