HSBC sells Asia banknotes business

Global banking titan HSBC is to sell its wholesale banknotes business in Asia to United Overseas Bank (UOB).UOB is paying $15m in cash for the assets, with the transfer expected to take place in the final quarter of 2010.As part of the agreement, HSBC will also licence to UOB the technology system used in connection with its Asian wholesale banknotes business. HSBC will work with UOB to facilitate the signing of new contracts between UOB and customers and staff of HSBC's Asian banknotes business. The bank's wholesale banknotes business in Asia employs around 120 full-time employs located in Hong Kong, Singapore, Tokyo, Taipei and Beijing servicing wholesale customers across the region.