In a statement on the Stock Exchange, HSBC Bank Malta has announced the sale of its card acquiring business to HSBC Merchant Services Ltd (Global), a Malta subsidiary company of Global Payments Inc.

HSBC Bank Malta plc said it would transfer its existing card acquiring business in its entirety to HSBCMS Global for a consideration of €11.075 million, subject to regulatory approval.

The resulting enterprise will be HSBC Bank Malta's preferred provider of card acquiring services. It is intended for HSBC's card acquiring staff will move to HSBCMS Global.

Alan Richards, HSBC Bank Malta CEO stated:

"This transaction builds on our partnerships with Global Payments in the UK, Asia Pacific and North America combining HSBC's extensive business customer franchise and Global Payments' experience in transaction handling."

The sale to Global represents further progress in HSBC's execution of the strategy set out in May 2011.