Dubai’s Mashreq (MASQ) Weighs Sale of Payments Business - Bloomberg
Mashreqbank PSC is exploring a sale of its payments business in a deal that could value the division at around $500 million, according to people familiar with the matter, the latest lender in the United Arab Emirates to consider pulling back from the sector.
The Dubai-based bank is working with Goldman Sachs Group Inc. to sound out potential buyers for the unit, which handles the processing of transactions made with credit and debit cards, the people said, asking not to be named because the information is private.
Deliberations are ongoing and no final decision has yet been taken, according to the people. Representatives for Mashreq and Goldman Sachs declined to comment.
Traditional lenders are increasingly putting their payments processors on the block in the face of competition from non-bank practitioners. In Europe, Banco de Sabadell SA and Italy’s BPER Banca SpA have been exploring deals for similar businesses, Bloomberg previously reported.
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