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May 20, 2015updated 04 Apr 2017 4:02pm

Emirates NBD mulls payments arm IPO-report

Dubai-based Emirates NBD and private equity firm Abraaj Group are reportedly considering listing shares of credit-card processing unit, Network International.

By Verdict Staff

Dubai-based Emirates NBD and private equity firm Abraaj Group are reportedly considering listing shares of credit-card processing unit, Network International.

The unit would be valued at more than $1bn in an IPO, people familiar with the development told Bloomberg.

The share sale is likely to occur in the fourth quarter of 2015 or in early 2016.

In December 2010, Abraaj Capital purchased a 49% stake in Emirates NBD’s credit-card processing unit for about AED2bn ($545m) with Emirates NBD holding the remaining 51% stake.

Network International serves about 70 banks and financial institutions in the Middle East and Africa region.

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