HSBC to sell out of card-processing joint venture
Global banking titan HSBC announced that it is to offload its 44 per cent stake in Global Payments Asia-Pacific (GRAP), the card-processing joint venture with partner Global Payments.
Global banking titan HSBC announced that it is to offload its 44 per cent stake in Global Payments Asia-Pacific (GRAP), the card-processing joint venture with partner Global Payments.
GRAP was created in 2006 when HSBC sold a 56% shareholding to Global Payments. The sale of HSBC's 44% stake will see the bank pocket $242m in cash.
Nevertheless, HSBC said that following the sale, it still intends to use GRAP as the preferred strategic provider of card merchant acquiring services in Asia-Pacific, covering 11 countries and territories.
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
"The transaction, which is subject to regulatory approvals and the agreement of the terms of ancillary commercial contracts, is expected to complete during the second half of 2012 and represents further progress in the execution of HSBC's strategy," the firm said.
BC
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
MoneyWeek news quiz: How much could you get in car finance compensation?
The car finance scandal, inheritance tax, and house prices all made headlines over the past few days. Test your knowledge while reviewing this week’s top stories with MoneyWeek’s news quiz
-
The biggest fossil fuel financing banks – is yours on the list?
You may not know it, but your savings could be being used to finance the fossil fuel industry. We look at the banks with the best and worst climate policies.