United Overseas Bank Ltd. (U11.SG) Monday said that has entered into an agreement to purchase banknotes businesses of HSBC Holdings Plc (HBC, HSBA.LN) units in five Asian markets.

The total consideration for the transaction is US$15 million in cash, UOB said in a statement.

Under the agreement, the HSBC will license to UOB the technology system used in connection with banknotes business in Singapore, Hong Kong, Japan, Beijing and Taiwan.

"Completion of the transaction is expected to take place in the fourth quarter of this year," UOB said.

-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com
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