Bank Audi sells
cards unit to M1 Group
Deal estimated at $185 million
Bank Audi has sold its electronic payment and card services business to M1 Financial Technologies, a subsidiary of M1 Group. M1 will operate the business via Areeba SAL.
The value of the deal is $185 million, but is subject to adjustment of up to $35 million. The deal includes acquiring the team, equipment, machines, and all points of sale. The completion of the deal is waiting for the final approval from the Central Bank, as well as the relevant service providers, including MasterCard and Visa.
Bank Audi will continue to deal directly with customers.
Marc Audi, a Bank Audi Board Member, said: “Bank Audi has a 40 percent market leading share in the card market.”
He said that the transaction will enhance the products and services offered to cardholders, who will benefit from Areeba’s focused approach in the developing card and electronic payment services sector.
Maher Mikati, Deputy CEO of M1 Group, said: “M1 Group’s know-how and investments in technologically advanced sectors, and our solid financial profile, will enable Areeba to develop innovative products, increase the competitiveness and range of products it offers.”
Areeba is also expected to attract other banks as clients.
Date Posted: Apr 03, 2017