U.S. Bancorp said Friday that it has agreed to sell its majority stake in a Brazilian technology division of its Elavon payments processing subsidiary.

The $429 billion-asset bank is selling the 50.1% stake in Elavon do Brasil in Sao Paulo to Stone Pagamentos, a privately held merchant acquirer. Citigroup owns the remaining 49.9% of the venture and has been trying to get out of it since November, Reuters reported.

Financial terms of the deal were not disclosed. "The transaction will have no material impact to U.S. Bancorp," the Minneapolis bank said in a press release.

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