The joint venture of Global Payments, a leading provider of electronic payment processing solutions The Hongkong and Shanghai Banking Corporation Limited ("HSBC") will expand to provide payment processing services to merchants in the Philippines.

Besides, the Philippines will be included in the current ten-year marketing alliance agreement under the terms of which HSBC refers new merchant customers exclusively to the joint venture for payment processing services.

The agreement implies that the merchant acquiring business of HSBC in the Philippines is valued at approximately US$20 million based on current exchange rates. Thus Global Payments' cash obligation for the acquisition is to equate to its 56% ownership interest in the joint venture or approximately US$11 million.

"We are excited to add another country in the region to our existing joint venture relationship. We look forward to welcoming the customers and employees of HSBC Philippines and to leveraging our technological expertise to provide state-of-the-art products and services in the country," said Ian Courtnage, Managing Director for Global Payments Asia-Pacific.