HSBC to sell out of card-processing joint venture

Global banking titan HSBC announced that it is to offload its 44 per cent stake in Global Payments Asia-Pacific (GRAP), the card-processing joint venture with partner Global Payments.

Global banking titan HSBC announced that it is to offload its 44 per cent stake in Global Payments Asia-Pacific (GRAP), the card-processing joint venture with partner Global Payments.

GRAP was created in 2006 when HSBC sold a 56% shareholding to Global Payments. The sale of HSBC's 44% stake will see the bank pocket $242m in cash.

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