HSBC Bank Malta plc has sold its card acquiring business to HSBC Merchant Services Ltd (Global) for €11.075 million, according to a company announcement yesterday.

The buyer is a Maltese subsidiary of Global Payments Inc. The sale is pending regulatory approval.

The new business will be HSBC Bank Malta plc’s preferred strategic provider of card acquiring services and staff will become employees of Global.

“This transaction builds on our partnerships with Global Payments in the UK, Asia Pacific and North America combining HSBC’s extensive business customer franchise and Global Payments’ experience in transaction handling,” HSBC Bank Malta chief executive officer Alan Richards said.

The bank said the sale to Global represents further progress in HSBC’s execution of the strategy set out last May. Global Payments Inc. is a leading provider of electronic transaction processing services for merchants, independent sales organisations, financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe and the Asia-Pacific region.

Global Payments, a Fortune 1000 company, offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management.

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