Citi puts Asia payment processing business up for sale

Citigroup (C.N) has puts its Asia payment processing business on the block as part of a ongoing global plan to exit non-core operations, people familiar with the matter told Reuters.

Citi’s merchants acquiring business provides credit and debit card payment processing services to about thousands merchants in Asia and it generates around $400 million of gross revenues, these people added. About 70 percent of the business comes from Hong Kong, Singapore and India, they added.

Final bids are due in about three weeks.

Citi started exiting merchants acquiring businesses in other regions starting 2005 and Asia is in the last remaining market where it still provides this service.

Citi generated $2.6 billion in revenues in Asia 2015.

Citigroup declined to comment, while sources declined to be identified as the sale process is confidential.

Source: Reuters