ICICI Bank to Exit ICICI Merchant Services in Strategic Move

ICICI Bank plans to exit ICICI Merchant Services by selling its entire 19% stake. The bank signed an agreement with First Data Holding entities and Fiserv Merchant Solutions for the sale. The transaction, pending regulatory approvals, is expected to complete before June 30, 2025.

ICICI Bank announced its intention to exit ICICI Merchant Services Private Limited by offloading its entire 19 percent stake. The bank has secured a share purchase agreement with First Data Holding I (Netherlands) B.V., its Indian nominee, and Fiserv Merchant Solutions Private Limited, according to a recent regulatory filing.

This move signifies ICICI Bank's strategic decision to realign its business interests, given that upon finalizing the transaction, ICICI Merchant Services will no longer be regarded as an associate entity. The bank first disclosed the board's approval for this significant decision back in December 2024.

The deal's execution is contingent on securing requisite regulatory and statutory approvals, with completion anticipated by June 30, 2025. ICICI Bank has pledged to update its stakeholders on the transaction's progress in due course.

(With inputs from agencies.)