News

Global Payments, Bank of the Phillipine Islands embark on joint venture

Global Payments will contribute its Philippines merchant acquiring assets; BPI will contribute its existing merchant acquiring business.

December 23, 2014

Global Payments Inc., a provider of payment solutions, and Bank of the Philippine Islands, the largest bank in the Philippines based on market capitalization, will launch a joint venture to provide merchant acquiring and payment services in the Philippines, according to a news release.

Global Payments will contribute its Philippines merchant acquiring assets and cash to the joint venture to secure a majority interest in the partnership.

BPI will contribute its existing merchant acquiring business to the joint venture and hold a 49 percent interest.

The transaction is expected to close late third quarter or early fourth quarter of fiscal 2015, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.

"This joint venture marks an exciting new phase for the country's merchant acquiring space," said BPI President and CEO Cezar Consing in the release. "There is great growth potential in the payments industry and we look forward to continuing to build our capabilities to enhance the relevance and value we provide. We believe that both our shareholders and our customers will be better served by this partnership, which will encourage higher technological and operational efficiencies to deliver better overall customer experience."