Citi seeking buyer for Asia payments business
(6 May 2016 – Asia) Citigroup is in talks to sell its Asia payment processing business, sources have said.
The divestment is part of a global push to exit non-core operations
The bank’s merchants acquiring business provides credit and debit card payment processing services to thousands of merchants in Asia.
The business unit generates around US$400 million (A$538 million) of gross revenue, with around 70 percent of the business coming from Hong Kong, Singapore and India reports suggest.
Final bids payment processing business are due by mid-May 2016.
Asia is the only market Citi’s payments business operates in, following an exit from other regions a decade ago. The bank brought US$2.6 billion in revenues in Asia 2015.
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