Mashreq to offload majority stake in Neopay: Our friends at Mashreq are selling 65% of their stake in payment subsidiary NeoPay to a consortium including Bahrain-based asset management firm Arcapita Group Holdings and Turkish fintech firm Dgpays, according to a DFM disclosure (pdf). The transaction, subject to regulatory approval, values the subsidiary at USD 385 mn (AED 1.41 bn), according to a separate disclosure (pdf).

Further cooperation ahead? The agreement will also see Mashreq enter into a long-term shareholder agreement with the purchasing entities “for the future growth of the business,” the disclosure reads.

About NeoPay: The wholly-owned Mashreq subsidiary — officially named Idfaa Payment Services — offers payment processing services, including point of sale terminals, e-commerce and mobile payments, as well as other non-cash transactions. The bank had consolidated its payment systems into Idfaa in March 2022.

Tags: