India's ICICI Bank sells PoS network to First Data

India's ICICI Bank sells PoS network to First Data
Tags: Asia, Australia & Pacific, EFT Networks, Outsourcing
December 27, 2009

Reuters India reports that First Data Corp. has purchased an 81 percent stake in ICICI Merchant Services.

According to the news story, ICICI Bank has wrapped the sale of its network of electronic point-of-sale terminals that accept credit and debit card payments to First Data, reports The Economic Times. FDC is owned by private-equity firm KKR.

ICICI Bank expects that the specialized company will bring down transactions costs and also grow the payment network more efficiently. This is the first time that an Indian bank has sold off its PoS terminal network. The bank also reportedly planned to spin off its ATM assets, but decided against it.