22 August 2017
Find out more

CIBC swaps card business for NDC e-commerce stake

10 November 2000  |  2689 views  |  0 CIBC swaps card business for NDC e-commerce stake

Canadian Imperial Bank of Commerce is to sell its merchant card services business to National Data Corp in exchange for a 26.25% equity stake in Global Payments, an e-commerce spin off from NDC.

Terms of the agreement are subject to a favourable IRS tax ruling for the Global Payments spin-off.

Global Payments is a US payment processing and merchant acquiring company. It expects the marketing alliance with CIBC, one of Canada's largest Visa and online debit acquirers, to significantly broaden its presence in North America. CIBC Merchant Card Services processes over 800 million transactions per year for over 140,000 merchant locations throughout Canada with referrals from CIBC's 1,200 branch locations.

For the fiscal year ended October 31, 1999, CIBC Merchant Card Services had net revenue of US$86.6 million and net income of US$13.0 million.

"The alliance provides CIBC an excellent means to expand its merchant services activities," says David Marshall, CIBC vice-chairman of electronic commerce, operations and technology. "The arrangement is consistent with CIBC's broader initiatives in electronic commerce and expansion into the US marketplace."
KeywordsE-COMMERCE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Brief: Laurentian Bank outsources card processing to FDC

Brief: Laurentian Bank outsources card processing to FDC

09 November 2000  |  2440 views  |  0 comments
CIBC pilots mobile banking programme

CIBC pilots mobile banking programme

06 November 2000  |  3546 views  |  0 comments
CIBC taps small business banking market

CIBC taps small business banking market

19 October 2000  |  2452 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12576 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11159 views comments | 22 tweets | 34 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10332 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10294 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10241 views comments | 21 tweets | 34 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job