Fifty-one percent owned by Emirates NBD, Network International was spun off as a separate company in 2015 in a deal which saw Warburg Pincus and General Atlantic pick up the remaining 49% minority ownership.

The company operates in over 50 countries across the Middle East and Africa, processing digital payments for companies through desktop PCs and smartphones.

Rumours of a potential float have been circulating for some time, with a £2.2 billion valuation applied to the business. It is understood that the company will offer 25% of its shares on London's main market.

As part of the process, Network International has announced the departure of long-time chairman Abdulla Qassem, who will be replaced by Ron Kalifa, the former chief executive and current deputy chairman of the UK's WorldPay.