Visa Announced Global Restructuring
Ho Chi Minh City, 11 October 2006, Visa announced that it intends to restructure its organization in order to create a new public global corporation called Visa Inc. As a part of this restructuring, Visa Europe will remain a membership association, owned and governed by its European member banks, and become a licensee of Visa Inc.
The boards of directors of Visa’s six regions and Visa International unanimously approved the recommendation for the restructuring. The restructuring is subject to approval by Visa members and regulatory authorities.
Within the new model, Visa Europe will retain its member-owned association structure, with continued ownership by its 4,500 European member banks, and will operate as a licensee of Visa Inc. This structure will enable Visa Europe to focus on the significant opportunities arising from the formation of an internal market for payments in Europe through the Single Euro Payments Area (SEPA).
Visa products currently generate more than $4 trillion in sales volume worldwide. Visa has unsurpassed acceptance at more than 24 million locations worldwide including one million ATMs.
G.Ly
Vietnamese
