A unit of HSBC Holdings PLC HBC is planning to sell its entire stake in a payment-processing company to its joint venture partner Global Payments Inc. for US$242 mn, according to reports.
Reports stated that HSBC's wholly owned unit, the Hongkong & Shanghai Banking Corp., will sell its 44% stake in Global Payments Asia-Pacific Ltd. to Global Payments.
The sale is expected to be completed within the second half of the year, says report.