Latest news with #AIBMerchantServices
Yahoo
2 days ago
- Business
- Yahoo
Fiserv buys out AIB Merchant Services
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Payments processing giant Fiserv has agreed to buy out the half of Dublin, Ireland-based AIB Merchant Services that it doesn't already own, a Fiserv news release said Friday. The move to purchase that 49.9% ownership stake is intended in part to increase the foothold for Fiserv's small business focused point-of-sale service Clover, in Europe, the release said. The transaction is "focused on driving continued growth in Ireland and the broader European market," the release said. AIB Merchant Services (AIBMS) was created in 2007 as part of a joint venture with the Irish financial services company AIB Group. Milwaukee-based Fiserv will now take full ownership of the unit. Analysts at the financial firm Robert W. Baird estimated the AIB joint venture's annual revenue at between $250 to $280 million, with profit of nearly $80 million, according to a Friday note to clients. AIB Merchant Services provides payment solutions and merchant acquiring services, the release said. The business has become one of the largest payments software providers in Ireland and one of the biggest e-commerce acquirers in Europe, the release asserted. AIB Group will continue to refer customers who require merchant acquiring services to Fiserv and AIBMS, according to the news release. "We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover," Katia Karpova, head of the European region for Fiserv, said in the news release. The deal is subject to regulatory approval and is expected to close in the third quarter of this year, according to the release. Recommended Reading Fiserv reaffirms Clover revenue goal Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
2 days ago
- Business
- Finextra
Fiserv to acquire AIB Merchant Services
Founded in 2007 as a joint venture between AIB and Fiserv, AIB Merchant Services (AIBMS) is one of Ireland's largest payment solution providers and one of Europe's largest e-commerce acquirers, providing businesses with the ability to accept card payments from their customers. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. 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."
Irish Times
2 days ago
- Business
- Irish Times
AIB to sell its 49.9% stake in merchant services joint venture
AIB has agreed to sell its 49.9 per cent stake in AIB Merchant Services, which helps businesses accept card payments from customers, to its joint venture partner, the US financial technology group Fiserv. The Irish bank booked €34 million of income from its minority stake in 2024. The transaction will have the effect of boosting AIB's capital reserves – measured as common equity Tier 1 – by 0.35 of a percentage point, it said in a statement. This equates to about €215 million. Goodbody Stockbrokers analyst Denis McGoldrick estimates that two-thirds of the capital boost will come from a gain from the sale, with the remainder resulting from a release of regulatory capital reserves held against the asset. Founded in 2007, as a joint venture between AIB and Fiserv, AIB Merchant Services (AIBMS) is one of Ireland's largest payment solution providers and one of Europe's largest ecommerce acquirers, providing businesses with the ability to accept card payments from their customers. READ MORE There will be no day-to-day change for AIBMS customers as a result of this announcement and no customer action is required, AIB said in its statement. AIB will continue to work with AIBMS and Fiserv by referring AIB customers who require these services to the company. 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. '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,' AIB chief executive Colin Hunt said. The transaction is expected to be completed later this year subject to relevant regulatory approvals. 'This transaction makes sense for AIB from both a strategic and financial point of view,' said Mr McGoldrick. 'AIB's focus is on delivering enhanced customer outcomes, financing the green transition and operational efficiency and resilience, so a merchant servicing business no longer fits well within those ambitions.'
Yahoo
2 days ago
- Business
- Yahoo
Fiserv to Acquire AIB Merchant Services
Focus remains on delivering market-leading solutions to SMEs across Ireland and the broader European market MILWAUKEE & DUBLIN, June 06, 2025--(BUSINESS WIRE)--Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, announced today that it has agreed to acquire the remaining 49.9% of AIB Merchant Services (AIBMS), its joint venture with AIB Group, in a transaction focused on driving continued growth in Ireland and the broader European market. Founded in 2007, AIBMS is one of Ireland's largest payment solution providers and one of Europe's largest e-commerce acquirers. AIBMS has been very successful to date and AIB Group will continue to work exclusively with AIBMS and Fiserv by referring customers who require merchant acquiring services. Financial terms of the transaction were not disclosed. "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," said Katia Karpova, Head of the EMEA region at Fiserv. "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." "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," said Colin Hunt, Chief Executive Officer of AIB. "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. AIB continues to implement its strategy at pace, with strong progress in each of our three focus areas: Customer First, Greening our Business and Operational Efficiency and Resilience. We wish AIBMS and Fiserv every success in the future." The transaction is subject to regulatory approvals and closing conditions and is expected to close in the third quarter. About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. Visit and follow on social media for more information and the latest company news. About AIB AIB is a financial services group operating predominantly in Ireland and the United Kingdom. We provide a range of services to retail, business and corporate customers, with market-leading positions in key segments. AIB is the principal brand across all geographies. In Ireland, EBS is our challenger brand and Haven is our mortgage broker channel. For further information, please visit FI-G View source version on Contacts Media Relations: Jack HickeyVP, EMEA CommunicationsFiserv, Inc.+ Additional Contact: Melissa MoritzVP, Corporate CommunicationsFiserv, Inc.+ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
