Visa plans global reorganization, stock market move

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

PARIS, Oct 11, 2006 (AFP) – The credit card company Visa announced plans Monday to combine three of its operations into a single entity, Visa Incorporated, that will list shares on a major stock market. “We expect that the new structure will accelerate Visa’s growth and position us to better serve our financial institutions and merchants,” said William Campbell, chairman of Visa International Board of Directors.

Under the planned restructuring, Visa Incorporated will be formed by the merger of Visa Canada, Visa USA and Visa International.

Visa International groups operations in the Asia Pacific region, Latin America and the Caribbean, central and eastern Europe, the Middle East and Africa.

Following the mergers, Visa said, Visa Incorporated will undertake an initial public offering and will list its shares on a major stock exchange.

Most of the shares in the reorganized company will be sold to the public, Visa said in a statement.

In Paris, the deputy director of Visa Europe, Philippe Menier, said the stock market listing would likely take place over the next 12 months.

He did not reveal on which market the offering would take place nor how much the company wanted to raise.

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