AIB has finalized the sale of its minority stake in AIB Merchant Services (AIBMS) to Fiserv, with the transaction expected to be completed later this year, pending regulatory approvals and customary closing conditions. This announcement will not affect day-to-day operations for AIBMS customers, and no action is required on their part.
Upon completion, the deal is projected to positively impact AIB’s CET1 capital by approximately 35 basis points. In 2024, AIB estimated income of €34 million related to AIBMS in its income from equity accounted investments.
AIB will continue collaborating with Fiserv by referring AIB customers in need of these services to AIBMS, which will assist them with their business requirements. AIBMS will maintain its brand under a short-term agreement, ensuring a seamless transition away from the AIB brand.
Colin Hunt, CEO of AIB, stated, “After a successful joint venture, we believe Fiserv has the dedication, experience, and innovative solutions necessary to expand AIBMS, ensuring our customers continue to receive exceptional service under their ownership. We are pleased to maintain a strong relationship with Fiserv for the benefit of our business customers.”
Katia Karpova, head of EMEA at Fiserv, remarked, “Our partnership with AIB Group has resulted in AIBMS becoming one of Europe’s leading acquirers. We look forward to working closely with AIB to support our mutual clients and enhancing our market-leading solutions across Ireland and the broader European market. We are particularly eager to accelerate the growth of Clover, the world’s smartest point-of-sale system and business management platform.”