HSBC Malta sells card acquiring business

31st May 2012 12:03

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