AIB Group plc announced that it has formed a new joint venture with First Data Corporation to acquire 95.9% of Payzone. The Joint Venture, which will be 75% owned by AIB and 25% owned by FDC, will acquire the ownership interest in Payzone from existing shareholders including Carlyle Cardinal Ireland Fund for an enterprise value of up to €100 million. The proposed acquisition is consistent with AIB's strategy to make selective investments to evolve customer service and product proposition in core market.

It will bring significant fintech capability to AIB and will further strengthen company's digital agenda in a post PSD2/Open Banking economy. The expected return on investment comfortably exceeds AIB's cost of capital.