HSBC sells banknotes business for $15m

City A.M. Reporter
Global bank HSBC Holdings said that it would sell the physical assets of its wholesale banknotes business in Asia to United Overseas Bank for $15m £9.5m) in cash.

HSBC said it would also licence the technology system used in connection with its Asian wholesale banknotes business to UOB.

The transaction is expected to be completed in the fourth quarter of this year.

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