NEW YORK (AP) -- eBay says it's sticking with PayPal, whether minority shareholder Carl Icahn likes it or not.

The online auction site said Monday it continues to believe stockholders are best served by keeping PayPal as part of the company.

eBay was responding to a blistering letter from Icahn that pressed for the San Jose, Calif., company to shed the payments business. Last month eBay said Icahn was seeking a non-binding shareholder resolution to spin off PayPal.

PayPal, which eBay bought for $1.3 billion in 2002, is now growing faster than the company's core marketplaces business.

In his letter, Icahn also alleged that some eBay board members have conflicts of interest. eBay says its board is "scrupulous in its governance practices and fully transparent with regard to its directors' other affiliations and businesses."