MasterCard Plans to Issue Shares to Banks
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MasterCard International posted profit of $99.1 million this year through June, up 4.3% from a year ago, and said it plans to issue tradable shares to the banks that own it.
Revenue rose 15% to $855.6 million, the company said in a Securities and Exchange Commission filing. It’s the first time MasterCard, a private membership association, has disclosed financial information.
Under its share sale proposal, the 1,600 financial institutions that own the company, and shareholders of its European partner, Europay International, will receive shares.
After a formal review by the SEC, MasterCard must get approval from a majority of its owners in order to change its structure. Owners include Citigroup Inc., J.P. Morgan Chase & Co. and HSBC Holdings.
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