The American credit card network MASTERCARD and its European franchise EUROPAY, of which it holds 12.2%, have confirmed their plan to merge, for which they have just finalised the legal arrangements (see EI of 21 March). According to the agreement, EUROPAY will be integrated in MASTERCARD, while the latter will go from being a world organisation to an entity held by private capital (MASTERCARD INCORPORATED). The banks that control the two entities will become shareholders of the new...