DENVER – First Data announced yesterday David Coulter, the well-known investment banker who is engineering the spin-off of Metavante, has resigned as director, as he is joining the Metavante board. Coulter, the former CEO of Bank of America, is a managing director of Warburg Pincus, which is acquiring a 25% stake in Metavante in exchange for a $625 million investment, as part of a so-called sponsored spin-off from Marshall & Isley. First Data and Metavante are like two ships passing in the night; one payments processor, First Data, is being taken private in a $29 billion leveraged buyout; while the other, Metavante, is being taken public.
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