Home GCC UAE Brookfield to buy 60% of First Abu Dhabi Bank’s payment arm The bank’s payments business was valued at $1.15bn by Bloomberg February 28, 2022 Brookfield Asset Management signed an agreement to buy 60 per cent of the payments business of First Abu Dhabi Bank (FAB) at a $1.15bn valuation. FAB, which completed the carve-out of its Magnati payments business into a fully-owned subsidiary in April, will retain a 40 per cent stake. The sale adds to a flurry of dealmaking in the payments industry, with banks seeking to offload operations as they struggle to compete with specialist providers. Dubai-based Mashreqbank is also exploring a sale of its payments business in a deal that could value the division at around $500m, people familiar with the matter told Bloomberg last week. Brookfield is an active investor in the Middle East and is among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise. The Canadian investor was the frontrunner to acquire Magnati, Bloomberg reported this month. FAB, the UAE’s largest lender, has a market value of about $60bn. It’s separately bid for a majority stake in EFG-Hermes, valuing the firm at $1.2bn, in what’s likely to be the biggest acquisition yet in Egypt by the lender. Tags Brookfield Business First Abu Dhabi Bank payment Valuation 0 Comments You might also like FAB exploring purchase of Turkey’s Yapi Kredi Bank: Reports Abu Dhabi private sector sees robust growth, value hits Dhs338.9bn in 2023 How the digital world has put ‘teenpreneurs’ on the map Emerging Industries for New Businesses in the UAE Market in 2024