EBay to spinoff PayPal in 2015

(Reuters) - EBay Inc said it would spin off PayPal, its fast-growing payments unit, into a publicly traded company in the second half of 2015.

"A thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively," eBay Chief Executive John Donahoe said in a statement.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Savio D'Souza)