Big News Network.com Tuesday 26th February, 2008
Visa, the world's largest credit card network, has said it will raise up to US$18.8 billion, amid concerns that the global credit crunch could eat into transaction volumes.
The eagerly-awaited offering calls for Visa to sell 406 million Class A shares.
Visa, based in San Francisco, services consumers worldwide who rely more on credit and debit cards instead of cash and cheques to make payments.
While it is not clear when Visa plans to go public, there is fear within the company that as credit deteriorates, consumer spending will go down, and volumes will go down for the card networks.
The eagerly-awaited offering calls for Visa to sell 406 million Class A shares.
Visa, based in San Francisco, services consumers worldwide who rely more on credit and debit cards instead of cash and cheques to make payments.
While it is not clear when Visa plans to go public, there is fear within the company that as credit deteriorates, consumer spending will go down, and volumes will go down for the card networks.
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