ABN Amro Sells Stake in Payments Joint Venture to Fiserv
(4 October 2023 - Europe) ABN Amro has sold its 49 percent stake in payment processing joint venture EMS to Fiserv.
Founded in 2005 as a joint venture, EMS is a Netherlands-based digital payments business, providing infrastructure and technology for processing payments between merchants and their customers.
The company currently counts 40,000 clients in 25 markets and membership of 13 national payment schemes. Previously, EMS was part of International Card Services, the Netherlands' largest credit card issuer for consumers and business credit cards
In a statement, the Dutch bank says, "ABN Amro regularly reviews its investments and concluded in consultation with Fiserv and EMS that EMS will be best served in its next chapter of growth by being wholly owned by Fiserv."
Fiserv formerly owned 51 percent of EMS and has now acquired, with immediate effect, the outstanding 49 percent stake from its former partner.