Payments giant FIS prepares to break up

10 February 2023, 12:00 am

1 min read

One hundred dollar notes are seen in this photo illustration at a bank in Seoul January 9, 2013. Japan's drive to weaken the yen poses a threat to big South Korean exporters such as Hyundai Motor, but Koreans may benefit as the new president aims to shift policy away from supporting big exporting conglomerates. The yen's tumbling by some 10 percent to the dollar in the December quarter at a time when the won has been on the rise sent the shares of big exporters falling and raised concerns among the policymakers in Seoul. Picture taken January 9, 2013. To match Analysis KOREA-CURRENCY/ REUTERS/Lee Jae-Won (SOUTH KOREA - Tags: BUSINESS)

Payments giant FIS prepares to break up

Reuters broke the news that banking and payments conglomerate Fidelity National Information Services, Inc. is preparing to break up, undoing a $43 billion acquisition it completed four years ago. Sources said FIS plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies. FIS shares have lost more than half their value since 2019, as it fights to stay competitive with old and new financial technology players promising better and cheaper services.