Wells Fargo Extends First Data Processing Alliance

March 2010
CardLine;3/19/2010, Vol. 10 Issue 12, p56
Trade Publication
The article reports that First Data Corp. will continue to process payment transactions for Wells Fargo Merchant Services LLC, a joint venture First Data and Wells Fargo & Co. formed in 1993. Michael Capellas, First Data CEO and chairman, said that the companies have signed a five-year extension on December 31, 2009 and Wells Fargo has also increased its ownership in the joint venture to 60% by paying First Data 222 million dollars for 12.5% of the processor's shares in the joint venture.


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