PE firms eye Emirates NBD unit stake
At least three private equity firms have bid for a minority stake in Network International, the Dubai payment company owned by Emirates NBD, with a decision seen by mid-August at the earliest, sources said.
A deal could take longer to conclude, however, as Emirates NBD is still undecided on how much and when to sell a stake in the business, two banking sources told Reuters on Tuesday.
Emirates NBD is one of the UAE lenders most exposed to indebted state conglomerate Dubai World and would welcome the proceeds of the sale to repair its balance sheet.
Network International earlier in July signed a cooperation agreement with China UnionPay (CUP), under which the Chinese company will extend its network by an additional 20 countries in the Middle East, Africa and Western Asia."
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