The Network International headquarters Image Credit: File photo

Dubai: Network International, an affiliated associate of Emirates NBD Group has announced it is considering proceeding with an initial public offering (IPO) on the London Stock Exchange.

Warburg Pincus and General Atlantic jointly own combined a 49 per cent stake in Network International, while Emirates NBD holds the remaining 51 per cent.

The company could be valued at about $3 billion in the offering, a Bloomberg report said in November, quoting people familiar with the matter.

“In the event Network’s shareholders decide to proceed with any transaction, further announcements will be made in due course in accordance with the applicable laws and regulations,” Emirates NBD said in a statement.

Network International has announced changes to its Board as part of the process of potentially becoming an independent business.

“As it welcomes the new members, Emirates NBD acknowledges the instrumental role played by outgoing Chairman, Abdulla Qassem in Network International’s 25 year journey to becoming a global payments company. His exceptional leadership and invaluable guidance have shaped Network’s success and progress as a leading company in the payments domain,” the statement said.