Fiserv to acquire AIB Merchant Services
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AIB has agreed on the sale of its minority stake in AIB Merchant Services (AIBMS) to Fiserv, with the transaction expected to be completed later this year subject to all relevant regulatory approvals and customary closing conditions. There will be no day-to-day change for AIBMS customers as a result of this announcement and no customer action is required.
Upon completion, the transaction is expected to result in a circa 35bps positive impact on AIB's CET1 capital. In 2024, AIB recognised income of €34 million relating to AIBMS in its income from equity accounted investments line.
Further, AIB will continue to work with Fiserv by referring AIB customers who require these services to AIBMS, which will support them in their business needs. AIBMS will continue to operate as AIBMS, under a short-term brand agreement, allowing for an orderly exit of the AIB brand from the business.
Colin Hunt, CEO, AIB, says: "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."
Katia Karpova, head of EMEA, Fiserv, adds: "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."
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