First Data Corp. has acquired an 81% stake in ICICI Bank’s point-of-sale terminal business for US$80 million, a source from the India-based bank tells PaymentsSource.com.
In March, ICICI Bank first acknowledged plans to sell its POS-terminal business and reports that the U.S.-based transaction processor was the preferred buyer surfaced in June (
“A new company called ICICI Merchant Services Pvt. Ltd. will be set up,” the source says. “[First Data] would hold 81%, … while ICICI bank would hold 19%.”
The bank already has informed the networked merchants that their terminals have been transferred to ICICI Merchant Services, the source adds.
“By partnering with a leading global player like First Data, we are able to expand our service offering to our merchant customers,” Sandeep Bakhshi, ICICI Bank deputy manager, said in a statement.
“India is a strategic market for First Data,” David Yates, First Data president of international business, said in a statement. “This new alliance gives us the scale and presence that we can build from with a highly regarded partner.”
ICICI Bank is the second-largest bank in India with more than 1,500 branches throughout the county. First Data provides payment-processing services for 5.3 million merchant locations in 36 countries.
