ICICI Merchant Services represents an alliance formed in 2009 between ICICI Bank, India’s largest private sector bank, and First Data, a global leader in electronic commerce and payment services. First Data is the majority stakeholder in the alliance with ICICI Bank holding 19%.
ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of about US$ 102 billion as of September 30, 2009. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies, securities brokerage firm, mutual fund and private equity firm.
First Data, a KKR company, powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a cheque, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. First Data established its presence in India during 2005 and now has more than 20 offices across the country's major cities. For more information, visit www.firstdata.com.