The private equity owners of Middle Eastern payment processor Network International have picked investment banks including Citigroup Inc. and JPMorgan Chase & Co. to advise on a potential stock sale, according to people familiar with the matter.

Morgan Stanley was also selected to join Citigroup and JPMorgan in leading the initial public offering, which could take place next year in London, the people said, asking not to be named as the details aren’t public. Barclays Plc, Goldman Sachs Group Inc. and Emirates NBD Capital are acting as bookrunners for the listing, the people said, while Evercore is the financial adviser.

The IPO, which could see shareholders sell about 25 percent to 30 percent of the company, may value the whole of Network International at about $3 billion, they said. Warburg Pincus and General Atlantic own a combined 49 percent stake in Network International.

No final decisions have been made on venue or timing, the people said. Representatives for the private equity firms, Barclays, Citigroup, JPMorgan and Goldman Sachs declined to comment. Morgan Stanley, Evercore, Emirates NBD and Emirates NBD Capital weren’t immediately available for comment.

Warburg Pincus and General Atlantic acquired the stake from now-defunct Abraaj Group and sovereign wealth fund Emirates Investment Authority in 2015. The Dubai-based company, created as a division of Emirates Bank in 1994, provides services to more than 65,000 merchants and 220 financial institutions, according to its website.