AIB has agreed to sell its minority stake in card payment processing company AIB Merchant Services (AIBMS).
It will sell its 49.9% stake in the business to global fintech Fiserv - which has been its partner in the joint venture since it was founded in 2007.
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.
Chief Executive Officer of AIB, Colin Hunt, said: "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."
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 €34m relating to AIBMS in its income from equity accounted investments line.
The Head of the EMEA region at Fiserv, Katia Karpova, said: "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."
The transaction is expected to be completed later this year subject to all relevant regulatory approvals and customary closing conditions.
