Visa Takes First Step to Let Big Banks Sell $96 Billion of Stock

Visa Inc. is paving the way for the biggest US banks to eventually sell their shares in the world’s biggest payments network, which are currently valued at $96 billion.

The company will begin discussions with investors to amend a share structure that was implemented before Visa’s 2008 initial public offering, according to a regulatory filing Wednesday.

The unique structure — with three shares classes — was designed to ensure that the banks that owned Visa ahead of the IPO would still be on the hook to cover costs arising from the firm’s long-running litigation with the biggest US merchants, including ...