Visa Inc, the world’s largest credit card network, on Tuesday set a record for US initial public offerings by raising $17.9bn, providing a welcome windfall to several prominent US banks.

Visa had decided to go ahead with the offering in spite of recent nervousness in equity markets and the continuing threat of a global economic slowdown. Tuesday’s pricing came after financial shares rallied strongly on hopes that the worst of the recent credit market turmoil might be over.