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Visa plans a $19 billion initial public offering
WHEN markets are rocky and the economy is wobbling is it a good idea to splash out on a credit card? Visa, the world's leading credit-card operator, certainly thinks so. On Monday February 25th Visa said that it would soon go ahead with an initial public offering (IPO) of around half of its shares, which might raise as much as $18.8 billion. Given the dark mood at most of America's leading financial institutions what has motivated Visa to embark upon what would be, by a comfortable margin, America's biggest IPO?
In October 2006 Visa took the decision to float its businesses outside Europe (within that continent…