Global Payments Inc., based in Atlanta, Ga., has partnered with Bank of the Philippine Islands (BPI) on a joint payment service and merchant acquisition venture.
"This joint venture highlights our strategy to drive accelerating growth by expanding direct distribution in Asia," Jeff Sloan, chief executive of Global Payments, said in a Dec. 17 press release. "It will also allow us to add significant merchants to our existing business in the Philippines, further leverage our technological strengths and provide superior product and service offerings to BPI customers in a highly attractive market."
BPI is the Southeast Asian country's largest bank by market capitalization and has over 800 branches, according to the release. The bank will hold a 49% interest in the new venture, which does not yet have a name.
The deal is expected to close late in the third quarter or early in the fourth quarter of 2015.