Is this a sign of what HSBC is thinking, or is HSBC preparing for more credit card losses? HSBC said Friday that it has sold its 49 percent holding in HSBC Merchant Services LLP (HMS), the card processing joint venture that serves its U.K. business clients, to its partner in the venture, Global Payments Inc., for a consideration of $307.7 million in cash.

The HMS joint venture was created in June 2008 when HSBC sold a 51% stake to Global Payments Inc., a processor of electronic transactions.

In a ten year agreement HSBC will continue to refer its U.K. customers to HMS.

Many people believe HSBC merchant services in the United States warrant an investigation of shady payment processing and ongoing compensation.

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