Thomas Cook acquisition

Sat, 13 Aug 1994, 00:00 WIB | Source: JP

JAKARTA (JP): The Thomas Cook Group Ltd., the leading travel
and financial services group, has reached an agreement with
Barclays Bank PLC to acquire its travelers cheque subsidiary,
Interpayment Services Ltd.

Thomas Cook announced in a release yesterday that the
acquisition made it the world's largest supplier of MasterCard
and Visa travelers cheques because Interpayment is the world's
largest issuer of Visa travelers cheques with annual sales of
US$7 billion.

The combination, the company added, created a travelers cheque
business with annual sales of $16 billion or 30 percent of the
global market. (vin)

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