BIZNews.com — This week, Visa and Citi are merging a $7.5 billion credit and corporate networking network that will bring together some of the world’s largest financial institutions.
The merger is expected to close in the second half of 2017.
Visa and the Citi Group, a global financial services company, will now be led by CEO John R. Sullivan.
The merged company will have the following functions: Visa and its corporate network partners will include Visa’s banking division, Citi’s payments and payments services and Visa’s international business and financial services.
The new company will be called Visa Business Network, and will have operations and assets in more than 60 countries and territories.
The combined company will continue to operate Visa’s credit and financial networks in its core business.
The company will include about 250 employees in its U.S. headquarters and operations, as well as about 70 employees outside the U.K., France and Singapore.
The deal will combine Visa’s business with the Credit Suisse Group AG, Citibanks, and the New York Stock Exchange, among others.
The Citi-Visa merger is subject to approval by the Justice Department and regulatory approval by regulators in both the U