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.

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