HSBC Malta sells card acquiring business

Date: Thursday 31 May 2012

HSBC's majority owned subsidiary, HSBC Bank Malta, has completed the sale of its card acquiring business to HSBC Merchant Services, a Maltese subsidiary of Global Payments.

The sale forms part of the banking giant's on-going strategic revamp, which is aimed at cutting costs by as much as $3.5bn by 2013.

The company is restructuring its business to shift its focus onto commercial and corporate banking, while targeting high growth economies.

HSBC's share price was up 1.05% at 508.80p by 12:38.

NR

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