Company appoints Gary A. Hoffman, CEO of Hastings Group, to its
Board of Directors
SAN FRANCISCO & LONDON--(BUSINESS WIRE)--
Visa Inc. (NYSE: V) today announced the completion of its acquisition of
Visa Europe Ltd.
The combined, global company provides digital payment products, services
and processing to about 17,100 financial institution clients and
partners, 40 million merchant outlets, and 3.0 billion Visa cards
worldwide. Visa–branded cards and payment products enable approximately
$6.8 trillion in global payments volume annually.
In addition, Visa Inc.’s Board of Directors (the “Board”) announced
today that it appointed Gary A. Hoffman, CEO of Hastings Group, as a
Board member of Visa Inc. He is currently a director and Chairman of
Visa Europe Limited. This brings the Board to twelve members.
Mr. Hoffman has been the Chief Executive Officer of Hastings Group, a UK
insurance provider, since November 2012. Prior to this role, Mr. Hoffman
was Chief Executive Officer of NBNK Investments, an investment vehicle
formed in August 2010 to establish personal and business retail banking
in the UK, from 2011 to 2012. He also served as Chief Executive Officer
of Northern Rock PLC, from 2008 to 2010 and Vice Chairman of Barclays
PLC, from 2006 to 2008. Prior to that, he served in various other roles
at Barclays Group, including Chairman of UK Banking and Barclaycard at
Barclays PLC and Chief Executive Officer of Barclaycard.
“I am pleased to welcome Gary to the Board of Directors,” said Charlie
Scharf, CEO of Visa Inc. “Gary’s broad knowledge of the European
payments and banking industries brings an important perspective to the
Visa Inc. Board and will be invaluable as we build our business in
Gary Hoffman said, “It is exciting to be part of the next chapter in the
Visa story. Visa Europe has performed strongly as a business and
combining with Visa Inc. will provide European clients with greater
access to the global scale, additional innovation resources and range of
capabilities necessary to continue to offer the best payment services to
About Visa Inc.
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and governments
in more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa,
This release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are identified by words such as
“will,” “continue,” and other similar expressions. Examples of
forward-looking statements include, but are not limited to, statements
Visa Inc. makes about the benefits to Visa Inc. arising from the
completion of the transaction and the addition of a Board member.
By their nature, forward-looking statements: (i) speak only as of the
date they are made; (ii) are not statements of historical fact or
guarantees of future performance; and (iii) are subject to risks,
uncertainties, assumptions or changes in circumstances that are
difficult to predict or quantify. Therefore, actual results could differ
materially and adversely from Visa Inc.’s forward-looking statements due
to a variety of factors, including the risk that the benefits of the
transaction may not be realized, or may not be realized on the currently
anticipated timeline; risks related to developments in Visa Inc.’s
business; and various other factors, including those contained in our
Annual Report on Form 10-K for the fiscal year ended September 30, 2015,
our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016,
and Visa Inc.’s other filings with the U.S. Securities and Exchange
You should not place undue reliance on such statements. Except as
required by law, Visa Inc. does not intend to update or revise any
forward-looking statements as a result of new information, future
developments or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160620006538/en/
Source: Visa Inc.