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ABN Amro sells stake in payments joint venture to Fiserv

ABN Amro has sold its 49% stake in payment processing joint venture EMS to Fiserv.

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ABN Amro sells stake in payments joint venture to Fiserv

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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% of EMS and has now acquired, with immediate effect, the outstanding 49% stake from its former partner.

Financial terms were not disclosed.

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