News

Dubai payments provider to buy Indian remittance company

May 31, 2012

Dubai-based Network International LCC, a payment solutions provider, has offered to buy TimesofMoney, the digital payment services provider and remittance company of India's largest media house, Bennett, Coleman and Co. Ltd. (known as the Times group).

An article by India's Business Standard said that two people with knowledge of the proposed deal told the publication about the sale, and that the two also said investment bank UBS was working as an advisor to BCCL. Sources at the companies are not commenting on the rumoured sale, the Business Standard said.

TimesofMoney provides digital payment solutions for Indians living out of the country. Its offers money transfers, e-payments and co-branded cards. The company was originally incorporated as a joint venture between Citi Ventures and BCCL.

Network International provides credit and debit card processing, ATM sharing, and ATM management services in West Asia and North Africa. The company is the UAE's largest payment acquirer and largest third-party processing vendor.

For more on this topic, visit the transaction processing research center.