HSBC's majority owned subsidiary, HSBC Bank Malta, has completed the sale of its card acquiring business to HSBC Merchant Services, a Maltese subsidiary of Global Payments.
The sale forms part of the banking giant's on-going strategic revamp, which is aimed at cutting costs by as much as $3.5bn by 2013.
The company is restructuring its business to shift its focus onto commercial and corporate banking, while targeting high growth economies.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
HSBC's share price was up 1.05% at 508.80p by 12:38.
NR
-
Wage growth in UK jumps ahead of inflationLatest job market data from the ONS shows that wages grew faster than inflation from September to November, but also reveal a worrying rise in unemployment rates
-
Transformed companies displaying momentum and top-quality growthAlex Savvides, manager of Jupiter UK Dynamic Equity Fund, highlights three companies as he tells us where he'd put his money
