Brookfield Asset Management Inc. has signed an agreement to buy a 60 percent stake of First Abu Dhabi Bank's Magnati Payments, according to a Bloomberg report.
The remaining 40 percent will be retained by the bank, which turned Magnati Payment Solutions into a fully-owned subsidiary in April.
The new agreement 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.
Brookfield Asset Management is headquartered in Canada. The company is an active investor in the Middle East and it was one of the parties that made first-round bids to buy a stake in Alshaya's Starbucks franchise.