Fiserv Inc on Friday said it has taken full ownership of AIB Merchant Services, its joint venture with Dublin-based commercial bank AIB Group PLC.
The US financial technology and payment services company has acquired AIB’s 49.9% stake in AIBMS for an undisclosed amount.
Fiserv expects the purchase to drive ‘growth in the broader European market,’ including the expansion of its small business point-of-sales system Clover.
The Milwaukee, Wisconsin-based firm noted that AIBMS, which was set up in 2007 as a credit card and payment solutions platform, is currently ‘one of Europe’s largest e-commerce acquirers’.
As part of the acquisition, AIB will continue to refer businesses exclusively to Fiserv’s card acquiring services. Back in June, AIB Chief Executive Colin Hunt said of Fiserv: ‘Our customers will continue to be well-served under their sole ownership.’
The Irish bank estimated that the disposal will positively impact its CET1 capital ratio by 35 basis points. AIB recognised income of €34 million from AIBMS in 2024.
AIB shares traded up 1.0% at 626.00 pence on Friday afternoon in London, while Fiserv stock rose 0.2% to $136.48 during premarket dealings in New York.
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