UAE-based payments processor Network International is weighing plans for an IPO on the London Stock Exchange.

Confirming the plans, Emirates NBD said: “In the event Network’s shareholders decide to proceed with any transaction, further announcements will be made in due course in accordance with the applicable laws and regulations.”

The company is expected to be up for flotation next month, with plans to free float a 25% stake.

According to media reports, the listing would value the firm at around $3bn.

Emirates NBD owns a 51% stake in the payments firm. The balance stake is held by private equity firms Warburg Pincus and General Atlantic.

In 2018, Network International posted underlying EBITDA of $152m and revenues of $298m.

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Network International CEO Simon Haslam said: “Over the last 25 years, Network International has grown to become a leading global payments company, present in over 50 countries that contain a total population of 1.5 billion.

“Our markets of Middle East and Africa are some of the most exciting in the world and are only just beginning the journey from cash to digital payments. Across our footprint, 86% of all payment transactions are still made in cash and only 20% of the adult population have debit cards, representing a huge structural growth opportunity.”

Meanwhile, Network International named Ron Kalifa as its new chairman, replacing Abdulla Qassem.

Kalifa previously served as the CEO of Worldpay.