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Brookfield in talks to buy First Abu Dhabi Bank’s payments arm in $1 billion deal

by Mike Robinson

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© Reuters. FILE PHOTO – People walk towards Brookfield Place from Bay Street, on May 7, 2014 at the Toronto annual general meeting of Brookfield Asset Management shareholders. REUTERS/Mark Blinch

(Reuters) – Brookfield Asset Management Inc, Canada is in discussions to purchase the UAE’s largest lender First Abu Dhabi Bank PJSC’s payments business, Bloomberg News reported Tuesday.

According to reports, Magnati could fetch more than $1 billion.

Brookfield and First Abu Dhabi Bank didn’t immediately reply to Reuters inquiries for comment.

Bloomberg added that other interested parties could bid on the business.

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