Select a page

Banking News

Citi seeking buyer for Asia payments business

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.

East & Partners's avatar

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.