HSBC sells its distribution arm

HSBC has sold its Asian banknote distribution business for $15m (£9.6m) to United Overseas Bank.
The banking group has closed the remaining 60 per cent of its global distribution branch.
HSBC said in June it would dispose of the arm as a non-core operation.

Its role as a banknote producer in Hong Kong will be unaffected by the sale, which is expected to close in the fourth quarter of 2010.

“This largely standalone business was not core to [the bank’s] strategy,” the firm said yesterday.