Brookfield Asset Management is negotiating with First Abu Dhabi Bank to buy its payment arm, according to Bloomberg.
According to the report, which cited confidential sources wishing to stay anonymous, Brookfield is the frontrunner to buy Magnati Payment Solutions.
The report further noted that Brookfield has valued Magnati at more than $1 billion.
FAB turned Magnati Payment Solutions into a fully-owned subsidiary in April.
Since then, the bank has been working together with Morgan Stanley to identify suitors for the business.
If a possible sale happens, it is expected to add to a flurry of dealmaking in the payments industry, as several banks are offloading payment operations due to tough competition from specialist providers.
Headquartered in Canada, Brookfield Asset Management is an active investor in the Middle East.
The company is one of the parties that made first-round bids to buy a stake in Alshaya's Starbucks franchise.