The Hongkong and Shanghai Banking Corporation has entered into an agreement to purchase the merchant acquiring business of ABN Amro in Taiwan.
The initial consideration is expected to amount to approximately US$2 million, comprising a payment for fixed assets and an anticipated amount for the first year of a 3-year profit-sharing agreement on sales turnover generated from merchants transferred from ABN Amro's portfolio.
The transaction is subject to agreement of terms and conditions and receipt of various regulatory approvals.