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Article: NDC in Deal to Create No. 2 Merchant Processor.(National Data Corp.)(Brief Article)
- Article from:
- American Banker
- Article date:
- November 29, 2000
- Author:
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Buying Canadian Imperial Bank of Commerce's merchant card services unit would make National Data Corp. the second-largest U.S. merchant processor, trailing only First Data Corp., and open new paths in Canada for the Atlanta company.
The Toronto bank would trade its merchant business for a 26.25% stake in National Data's processor subsidiary, now No. 4 in the U.S. market. The deal, announced this month, requires regulatory approval.
The National Data subsidiary would be renamed Global Payments Inc. and spun off early next year.
Paul R. Garcia, chief executive officer of National Data's e-commerce division, said the deal would boost Canadian Imperial in the U.S. ...