Emirates NBD PJSC may sell a partial stake in its credit card-processing unit, according to local media reports, which say the Dubai-based financial group has hired a firm to advise it on the valuation of its Network International LLC subsidiary.
The company reportedly would use funds from the sale of shares in the unit to expand its services outside of the Middle East. An Emirates NBD spokesperson declined to comment.
Emirates NBD would continue to be a majority shareholder in Network International, which is the largest third-party card processor in the Middle East, according to the reports. The unit serves 49 banks and financial institutions and more than 10,000 businesses in the region, Emirates NBD notes in its annual report.