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HSBC acquiring in Taipei

HSBC acquiring in Taipei

(Taiwan) - The Hongkong and Shanghai Banking Corp Ltd, a unit of HSBC Holdings, is paying around US$2 million for ABN Amro's merchant acquiring business in Taiwan. Being purchased from the Dutch bank are fixed assets and profit sharing on sales turnover from clients transferred from ABN Amro.

The business acts as a clearing house for credit card transactions between merchants and banks in Taiwan, a market HSBC already has a reported 13 percent of with the ABN Amro unit holding 12 percent.

The transaction remains subject to regulatory approval.

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