First Data inks Samba card processing deal
23 May 2007 | 4426 views | 0
US-based First Data is reporting a five year card processing contract with Samba Financial Group, the largest credit card issuer in Saudi Arabia.
First Data says it has completed conversion of Samba's portfolio to its issuing platform, VisionPlus.
The vendor is handling electronic processing for Samba's credit card portfolio and providing the bank with risk management, fraud and behavioural scoring tools.
George Zafirakis, vice president, with responsibility for First Data's operations in the Middle East, says: "This is a significant win for First Data, extending our market presence in Saudi Arabia and across the region."
Separately, First Data looks set to be taken over by private equity firm Kohlberg Kravis Roberts (KKR) after the vendor said it had not received any other expressions of interest.
First Data in April agreed to be acquired by KKR in a $29bn deal that will see stockholders receive $34 a share. Other companies had until Tuesday to submit alternative takeover proposals.
In a regulatory filing First Data says it hasn't received any other proposals and will continue to work with KKR to close the merger agreement by the end of the third quarter.