Global Payments Inc. (NYSE: GPN), a leading provider of electronic transaction processing solutions, has agreed to a joint venture with The Hong Kong and Shanghai Banking Corporation Limited (HSBC) covering 10 countries and territories in the Asia-Pacific region. These include developed payment card markets, such as the Hong Kong SAR and Taiwan, as well as emerging markets, such as mainland China and India. The Asia-Pacific region is one of the most under-penetrated markets for credit and debit card processing in the world and according to Paul R Garcia, chairman, president and CEO of Global Payments, "The region has incredible growth opportunities for credit and debit card payment processing."

HSBC, with assets of US $1.467 billion, is one of the world's largest banking and financial services organizations. Michael Smith, president and CEO of HSBC, said, "The joint venture will have the benefit of HSBC's large and extensive footprint in the region as well as Global Payments 'technological expertise'."

Under the terms of the agreement, and pending regulatory approvals and customary closing conditions, Global Payments will pay HSBC US $67.2 million in cash to acquire a 56 percent ownership interest in the joint venture. HSBC will control the remaining 44 percent and will contribute its existing Asia-Pacific merchant acquiring channel in the joint venture countries and territories.