BPI buys 49% of Atlanta-based Global Payments's PHL unit

Ayala-led Bank of the Philippine Islands (BPI) is buying into the local unit of Atlanta, Georgia-based Global Payments Inc. to deepen its roots in the Philippine payments industry.

 

BPI said it struck a deal with payment services provider Global Payments to own 49 percent in Global Payments Asia Pacific-Philippines Inc.

 

BPI claimed the joint venture will strengthen its Top 2 position in the merchant acquiring industry.

 

According to Investopedia, a merchant acquirer is a financial institution which is contacted to authorize a credit card or debit purchase.

 

“There is great growth potential in the payments industry and we look forward to continue building our capabilities to enhance the relevance and value we provide to our customers," BPI president and CEO Cezar P. Consing said.

 

For Global Payments, CEO Jeff Sloan said the joint venture aligns well with their business strategy to drive sustainable growth by expanding strategic relationships and distribution in Asia.

 

"This new partnership will allow us to leverage our strengths and provide a superior product and service offering in the Philippines, the fastest growing market in Asia,” he said.

 

The joint venture is subject to regulatory approval and the satisfaction of customary closing.

 

BPI Capital acted as financial advisor to BPI for the transaction. – Danessa O. Rivera/VS, GMA News