HAMPSHIRE bank note printer De La Rue has drawn up a shortlist of bidders for its £450m cash systems business, it has emerged.

The move comes four months after the company, which prints one in five of the world's currencies, announced a strategic review.

De La Rue's cash systems business produces cash-handling equipment and banking software and is valued by analysts at between £350m and £450m.

Bain Capital, Carlyle Group and Kohlberg Kravis Roberts, a former owner of German software group Nixdorf, are among the private equity groups thought to be in the running.

If the division is sold it would leave the rump of De La Rue as its security paper and print arm, which also provides travellers' cheques, passports and revenue stamps.

In November, Basingstoke-based De La Rue said half-year sales at the cash systems division grew by 2.1 per cent to £161.6m, while operating profits were 32.7 per cent ahead of last year at £14.2m.