As you know, the unemployment rate slowly continues to decline yet the job market and mortgage situation still remains pretty fragile, and consumers continued to carefully manage their finances.
I want to take just a few minutes and give you a brief update on our 3 reporting segments before Jim gets into the financial details.
First, let's take North America. We had some strong wins this quarter, and you may have seen today's announcement that we signed Huntington bank for issuer processing. And we're also happy to report that we recently entered into a long-term issuer processing agreement with Regions bank to be their payments partner as Regions reenters the credit card business or the card business in general. And we'll be converting that portfolio that they've acquired later this year.
We continue to win in the regional banks sector as more of these institutions look to credit cards as a business driver and really a necessary product for their customer base. Also, during the quarter, we successfully completed the BancorpSouth's consumer credit, commercial and debit card portfolio conversions.On international, we're delighted, and you saw the announcement, I hope, Monday afternoon, that Royal Bank of Scotland has extended its issuer processing relationship with us. Our relationship for the U.S. business has been extended for 13 years and the U.K. business for 12.5 years, taking both of them out to the 2025 range. RBS has been a client of TSYS since 2001, and our first client in the U.K. or Europe, and is a real anchor tenant for TSYS, and we couldn't be more proud of this relationship and this extension.Post the Carrefour conversion, the reaction in Brazil has been very positive. We've had some interesting -- we have some really interesting prospects in this market, which continues to see good economic growth. Our joint venture with CUP Data in China UnionPay had a strong finish in 2011. We expect to see an equally strong performance in '12, which is worthy of mention and is a noted addition to our net income.Read the rest of this transcript for free on seekingalpha.com
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