It’s official: Visa and Visa Europe are one big happy family with one big brand. Visa completed its acquisition of Visa Europe Ltd. Visa also named Gary Hoffman, CEO of Hastings Group, as a Board member of Visa Inc. He is currently a director and Chairman of Visa Europe Limited.
The combined company will produce a least $6.8 trillion in purchase dollar volume (PDV) annually. Last year Visa, reported $5 trillion in PDV. The combined Visa company will now be twice the size of MasterCard which posted $3.4 trillion in PDV in 2015.
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 billion Visa cards worldwide.
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.
VISA GLOBAL GDV
2012: $3.9 trillion
2013: $4.3 trillion
2014: $4.8 trillion
2015: $5.1 trillion
2016: $6.8 trillion
VisaNet is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
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