Fintech company Fiserv has agreed to acquire the 49.9% interest in AIB Merchant Services (AIBMS) that it does not already hold. 

AIBMS is a joint venture between Fiserv and AIB Group and was formed in 2007.  

It operates as a payment solutions provider in Ireland and a e-commerce acquirer in Europe, facilitating businesses in accepting card payments.  

Following the acquisition, AIB Group will maintain a business relationship with AIBMS and Fiserv by continuing to refer clients in need of merchant acquiring services.  

AIBMS will operate under its existing brand “under a short-term brand agreement”, allowing for a phased withdrawal of the AIB brand from the business. 

Completion of the deal is due in the third quarter of the current year, contingent on regulatory approval and other closing conditions.  

Fiserv EMEA region head Katia Karpova said: “We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading acquirers in Europe, and I look forward to continuing to work closely with them to support our mutual clients.  

“Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market. We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover, the world’s smartest point-of-sale system and business management platform.” 

AIB CEO Colin Hunt stated: “Following a successful Joint Venture partnership, we believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership. Recognising the strength of the AIB customer franchise, we are pleased to support our business customers by maintaining a close on-going relationship with Fiserv.  

This development follows Fiserv’s agreement in April to acquire Brazilian fintech company Money Money Servicos Financeiros.