IBC to Convert Portfolio to Visa Debit Products and Move Processing Services to Visa
SAN FRANCISCO & LAREDO, Texas — IBC Bank, a member of International Bancshares Corporation, and Visa Inc. today announced that the companies have signed a five-year partnership agreement that will result in IBC converting its entire debit portfolio to Visa-branded products. IBC Bank currently has approximately 450,000 debit cards in market in the United States.
Under terms of the deal, IBC Bank will offer its customers the full range of Visa consumer debit products - Visa check card, Interlink and Plus. IBC Bank also has agreed to switch its processing services to Visa Debit Processing Service (DPS) for all Visa check card, Interlink and Plus transactions.
“Visa offers a range of comprehensive debit capabilities that enable us to provide our customers with more value, convenience and security compared with cash and checks,” said Dennis E. Nixon, chairman and CEO of International Bancshares Corporation. “The integration of Visa’s unique processing capabilities also offers IBC greater business benefits and efficiencies, which were key factors in our decision to select Visa.”
“IBC’s decision to offer Visa’s full suite of debit products and utilize our processing services speaks to the value our fully integrated debit program brings to financial institutions and their customers,” said Stacey Pinkerd, head of global consumer debit products, Visa Inc. “We look forward to working closely with IBC to develop payment solutions suited to the distinct characteristics of their debit portfolio and business objectives.”
The companies anticipate IBC Bank will begin converting to Visa’s Debit Processing Service and reissue the bank’s portfolio of debit products later this year.
About IBC Bank
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IBC Bank is a member of International Bancshares Corporation (NASDAQ: IBOC), a multi-bank financial holding company with over $10.6 billion in assets, headquartered in Laredo, Texas, with 256 facilities and 400 ATMs serving more than 100 communities in Texas and Oklahoma.
About Visa
Visa Inc. 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 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; general market conditions; 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.
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