Visa Inc. Completes Global Restructuring
03/10/2007 20:02
PR Newswire
SAN FRANCISCO, October 3 /PRNewswire/ --
Visa Inc. announced today the completion of its restructuring, having
received broad member approval for the series of transactions by which Visa
Canada, Visa U.S.A. and Visa International have become subsidiaries of Visa
Inc. Visa Europe will remain a membership association and will become a
licensee of, and own a minority interest in, Visa Inc.
"The completion of the restructuring marks a pivotal moment in Visa's
history," said Joseph W. Saunders, Chairman and Chief Executive Officer of
Visa Inc. "I'm delighted by the support our members have shown us throughout
this process. By completing the restructuring, we now are better positioned
to serve our clients in the growing payments industry and further advance the
global migration to electronic payments. I believe that with our strong
senior management team and our new global structure, Visa Inc. will continue
to execute on our competitive strategy, grow our leading brand and network,
and expand our diverse product offerings to benefit our stakeholders:
financial institutions, merchants and cardholders."
Visa Inc. operates the world's largest retail electronic payments network
and is the most recognized global financial services brand. As the payments
industry leader, Visa provides products, services and infrastructure to
support global commerce through the transfer of value and information among
financial institutions, merchants, consumers, businesses and government
entities.
"I believe we will approach the opportunities ahead in a stronger
position than before. We expect to continue to grow and enhance our industry
leadership position through our unwavering commitment to our clients, our
diverse product offerings and our focus on innovation," concluded Saunders.
About Visa: Visa operates the world's largest retail electronic payments
network providing processing services and payment product platforms. This
includes consumer credit, debit, prepaid and commercial payments, which are
offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys
unsurpassed acceptance around the world and Visa/PLUS is one of the world's
largest global ATM networks, offering cash access in local currency in more
than 170 countries.
For more information, visit www.corporate.visa.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. These statements
may be identified by the use of words such as "will," "believes,"
"anticipates," "intends," "estimates," "expects," "projects," "plans" or
similar expressions. Such forward-looking statements include, without
limitation, statements about the proposed restructuring and related
transactions, strategy, future operations, prospects, plans and objectives of
management and events or developments that we expect or anticipate will
occur. The forward-looking statements reflect Visa's current views and
assumptions and are subject to risks and uncertainties, which may cause
actual and future results and trends to differ materially from the
forward-looking statements, including but not limited to Visa's ability to
achieve its strategic objectives and the expected goals of the restructuring;
general market conditions; the outcome of legal proceedings; uncertainties
inherent in operating internationally; and the impact of law and regulations.
Many of these factors are beyond Visa's ability to control or predict. Given
these factors, you should not place undue reliance on the forward-looking
statements.
Contact: Paul Cohen
Office: +1-415-932-2166
pcohen@visa.com
Michael Buckley
Office: +1-212-333-3810
Mobile: +1-646-244-9794
mbuckley@brunswickgroup.com
Visa Media Hotline
+1-415-932-2564
Web site: http://www.corporate.visa.com
Paul Cohen, +1-415-932-2166, pcohen@visa.com, of Visa Inc., or Visa Media Hotline, +1-415-932-2564; or Michael Buckley, +1-212-333-3810, mobile: +1-646-244-9794, mbuckley@brunswickgroup.com, for Visa Inc.