Global Payments, HSBC Form Joint Acquiring Venture in UK

HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc (LSE: HSBA), one of the largest financial services institutions in the world, with assets of approximately $2.4 trillion and approximately 10,000 offices in 83 countries and territories, as of December 31, 2007. In the United Kingdom, HSBC Bank estimates that its merchant acquiring business commands an approximate 15 percent market share by providing payment card processing services across 135,000 merchant outlets.

"We are thrilled that HSBC, one of the world's most respected financial institutions, has agreed to expand its relationship with Global Payments into the United Kingdom," said Chairman, President, and Chief Executive Officer of Global Payments, Paul R. Garcia. "We expect to focus on growing the customer base by providing an expansive range of card payment solutions. Longer-term, with the adoption of the Single Euro Payments Area (SEPA) initiatives, we expect to be in an excellent position to provide seamless acquiring services to merchants throughout Europe," Garcia continued.

"The creation of HSBC Merchant Services builds on our partnerships with Global Payments in Asia and North America," said Group General Manager Commercial Banking, Alan Keir. "Through the combination of HSBC's extensive business customer franchise, and Global Payments' experience in transaction handling, HSBC Merchant Services will offer a compelling proposition," added Keir.

"We are pleased to be joining a leading provider of electronic payment processing solutions. Being a part of a strong company that understands our business will be welcomed by our merchant customers and provide new opportunities for our 400 employees," said Head of Card Acquiring for HSBC, Darren Wilson.