2 Min Read
HONG KONG (Reuters) - Citigroup (C.N) has put its Asia credit card payment processing business on the block as part of an ongoing global plan to exit non-core operations, people familiar with the matter told Reuters.
Citi's Credit Card Merchant Acquiring business provides credit and debit card payment processing services to thousands of merchants in Asia and generates around $400 million in gross revenue, the 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 its merchants acquiring businesses in other regions starting in 2005, and Asia is the last remaining market where it still provides this service.
Citi generated $2.6 billion in revenue in Asia 2015 from its credit card business.
Citi declined to comment, while the people declined to be identified as the sale process was confidential.
(This story has been corrected in headline and first paragraph to clarify that the unit for sale is Citi's credit card payment processing business, not its payment processing business. The penultimate paragraph has been corrected to make clear that revenue is for its Asia credit card business)
Reporting by Denny Thomas; Editing by Lisa Jucca