London based HSBC has sold its statement production business in the U.K. to Communisis Ltd, and has inked a £250m ($442 million) outsourcing deal with the vendor for the production and delivery of its document-based customer communications over the next ten years.

The bank’s U.K. facility handles the production and dispatch of the majority of HSBC’s UK paper-based customer communications including statements. Communisis, which provides document-processing services to firms across Europe including Barclays Bank and HBOS, is paying £3 million ($5.31 million) for the unit.

Under the deal around 255 employees at the unit will be transferred to Communisis, of which 174 are permanent bank employees and 81 are temporary.