SAN FRANCISCO (dpa-AFX) - Visa (V) has received approval of its Application to Prepare from the People's Bank of China, which allows the company to begin formal preparations to establish a domestic bankcard clearing institution in China. Visa said it will continue efforts to complete the process and begin domestic bankcard clearing operations in China.
'We greatly appreciate the important role of the leaders of the United States and China in pursuing a constructive and strategically stable relationship between the world's largest economies,' said Ryan McInerney, CEO of Visa.
At last close on NYSE, Visa shares were trading at $389.27.
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