The International Investor (TII), a major Kuwaiti Financial Group, has announced acquisition of RFM Loyalty Private Limited; a Karachi based credit card acquiring and Loyalty management services business.
According to a press release issued here on Wednesday the RFM is a market leader in the smart chip technology based solutions for financial institutions and retail merchants. RFM was the first company to introduce EMV complaint Visa/Master Card acquiring and currently serves one of the largest banks in Pakistan and several major retail merchants based on its 2500 POS terminals deployed throughout Pakistan.
"This is a strategic acquisition for the TII Group and Pakistan presents an excellent growth market for our services", said Adnan Al Bahar, Chairman & CEO of the group. "We are specialists in Islamic finance and intend to expand our business portfolio in Pakistan to include a full range of Islamic financial products and services, including retail financial services, leasing and investment banking", he added.
Ed Holmes, head of retail financial services (RFS) for the TII group said "RFM Loyalty will provide us with a spring board for RFS growth in Pakistan as it will provide a launch-pad for a range of Shari''a compliant consumer finance & Loyalty products and services". TII plans to develop RFM into a regional credit card acquirer and loyalty infrastructure operator. RFM has already signed a major banking client credit in the UAE and will be supporting the growth of RFS throughout the Middle East and North Africa region.
Shams Faiz, senior partner at the TII Group who led the acquisition transaction commented, "TII Group strategy is to grow through the acquisition of existing successful businesses. "We target businesses that fit into TII strategic focus of Islamic financial services". Once a company is acquired it receives full support of the group that helps it to grow and complete regionally. "We see TII Group to be an acquiring partner of choice for small to medium size businesses that adds value through its financial resources, industry expertise, enabling infrastructure and regional coverage", he added.-PR
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