Media reports have indicated that several private equity firms are in the run for a minority stake in Dubai’s payment processing business Network International, owned by local bank Emirates NBD.

Bids have been tendered by TPG, Abraaj Capital, the Emirates Investment Authority and Silverlake and are now being considered by the bank, which is thought to be looking for between $1bn and $1.5bn.

Royal Bank of Scotland’s (RBS) payment processing business, WorldPay has also elicited the attention of buyout houses.

TPG and Clayton, Dublier & Rice were said to have attempted to place a joint bid, however failure to agree on it has left the Advent International and Bain consortium as top runner for the deal, which is expected to reach a hefty £2.5bn price tag.