Allied Irish Bank (AIB) Group has agreed to sell its minority stake in AIB Merchant Services (AIBMS) to US fintech giant Fiserv. Financial terms of the deal have not been disclosed.
AIBMS was founded as a joint venture between AIB and Fiserv in 2007. The unit provides businesses with solutions to accept and process debit and credit card payments through multiple in-store and online channels and operates throughout Europe.
In a statement, AIB says AIBMS has achieved “strong financial performance over the past number of years”, including a recognised income of €34 million from the equity accounted investments line in 2024.
The group will now sell its 49.9% minority shareholding in AIBMS to Fiserv, with the transaction expected to close in Q3 this year, subject to regulatory approval and customary closing conditions.
Once completed, AIB says it will “continue to work with AIBMS and Fiserv by referring AIB customers who require these services to support them in their business need”.
Katia Karpova, head of the EMEA region at Fiserv, says the agreement will enable the company to “accelerate the local penetration and growth of Clover”, Fiserv’s point-of-sale and card machine offering.
Fiserv, headquartered in Milwaukee, Wisconsin, has made a number of acquisitions this year to expand the reach and capabilities of Clover. These include deals to buy Dutch payment solutions provider CCV in March as well as Pinch Payments and Money Money in April.
Source: https://www.fintechfutures.com/
