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RIYADH: Dubai’s Mashreq Bank is working with Goldman Sachs on a potential $500 million sale of its payments arm, Bloomberg reported, citing unnamed sources.
The group is looking for potential buyers for the unit, mainly responsible for carrying out and processing debit and credit card transactions.
Representatives for the lender and Goldman Sachs declined to comment to Bloomberg on the news.
The move is the latest in the trend of traditional lenders pivoting into digital banking amid rising competition from startups providing non-traditional financial services.
As one of the UAE’s oldest privately held banks, Mashreq has origins going back to 1967.