First Data Corporation, HSBC Holdings Sign Global Credit Card
Processing Agreement
HACKENSACK, N.J., Feb. 12 /PRNewswire/ -- First Data Corp , a global leader in payment systems, electronic commerce
and information management, and London-based HSBC Holdings Plc. (Hongkong and Shanghai Banking Corporation) today
announced a 7-year agreement for First Data to provide credit card processing services to four members of the HSBC Group
in Hong Kong, the United Kingdom and United States.
Under the agreement, First Data Asia-Pacific will handle issuing and acquiring processing for HongkongBank and Hang Seng
Bank's combined Visa, MasterCard and private-label accounts. First Data will open a new processing center in Hong Kong to
handle these card transactions for these Hong Kong- based members of the HSBC Group.
In addition, First Data in the United States will provide card processing services for Buffalo, New York-headquartered Marine
Midland Bank. HSBC Holdings Plc. and First Data also extended their agreement for First Data's unit in the United Kingdom,
First Data Resources Limited (FDRL), to continue to provide issuing and acquiring processing services for the HSBC Group's
London-based Midland Bank.
"We are very pleased to have established this global partnership with the HSBC Group. HongkongBank and Hang Seng Bank
are leaders in the financial services industry in the Asia-Pacific region and this agreement also broadens our client base in the
United States and significantly extends the existing relationship with Midland Bank. Our partnership allows First Data to
continue our strategy of growing our business internationally," said Ric Duques, First Data's chairman and chief executive
officer.
"We believe this extension of our relationship with First Data to some of our other key markets will help us to achieve a
common platform from which we can deliver high-quality service to our customers on a global basis," said Geoff Bruce, Head
of Group Cards, HSBC Holdings p1c.
"These new clients represent considerable potential for First Data in the Asia-Pacific region," said Joe Jackson, managing
director, FDRL. "Their knowledge and experience will become increasingly important as we provide the card processing
services to help them expand and continue to be successful with their current, and new, customers."
HSBC Holdings Plc., with over 3,400 offices in 77 countries and assets of $368 billion as of June 30, 1996, is among the
world's largest banking and financial services organizations.
First Data Corporation and its business units provide payment systems, electronic commerce and information management
services to financial institutions, merchants, insurance companies, health care providers, public utilities and consumers around
the world. SOURCE First Data Corporation |
