HSBC Holdings PLC (HSBA) said it sold its 49 percent holding in HSBC Merchant Services LLP, the card processing joint venture that serves its UK business clients, to its partner in the venture, Global Payments Inc, for US$307.7 million in cash.
The joint venture was created in June 2008 when HSBC sold a 51 percent stake to Global Payments. HSBC and Global Payments also have sale-and-referral agreements in the US and Canada along with a joint venture in Asia covering 11 countries and territories.
A new 10 year marketing alliance agreement has been signed under which HSBC will continue to refer its UK customers to HMS. No staff will be affected by the change of ownership and the business will continue to be based in Leicester.