Dubai-based Emirates NBD and private equity firm Abraaj Group are reportedly considering listing shares of credit-card processing unit, Network International.

The unit would be valued at more than $1bn in an IPO, people familiar with the development told Bloomberg.

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The share sale is likely to occur in the fourth quarter of 2015 or in early 2016.

In December 2010, Abraaj Capital purchased a 49% stake in Emirates NBD’s credit-card processing unit for about AED2bn ($545m) with Emirates NBD holding the remaining 51% stake.

Network International serves about 70 banks and financial institutions in the Middle East and Africa region.

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