Friday, October 19, 2012
Elavon and Banco Santander form a Merchant Services Joint Venture in Spain
By Holly Lytle
New Business Strengthens Relationship and Fuels Global Growth
ATLANTA, Ga. and MADRID, SPAIN – October 19, 2012 – Elavon, a leading global payments provider, and Banco Santander, an international financial institution operating in 10 major markets with more than 100 million clients serviced by 15,000 branches, today announced the establishment of a joint venture relationship in Spain.
The transaction, subject to regulatory approval, establishes the creation of a new entity, 51% of which will belong to Elavon and the remaining 49% to Santander. The entity will assume responsibility for all of Santander’s merchant customers and will be equipped with specialized teams who, in collaboration with the branch network, will provide service, support and solutions to retailers and small businesses throughout Spain.
Customers will benefit from the powerful combination of the trusted Santander brand and Elavon’s award-winning International Processing Platform and IP Gateway, recognized as the Best Merchant Acquiring Initiative by the Cards & Payments Awards in 2012.
“This joint venture will enhance services and incorporate new technologies for existing and future customers by providing a complete portfolio of industry-leading payment solutions,” said Enrique Garcia Candelas, Senior Executive Vice President of Commercial Banking, Santander - Spain.
The new joint venture extends an existing relationship between Elavon and Santander dating from 2003 when the companies launched foreign currency payment services for Spanish retailers. It also further strengthens alliance relationships between the two companies in the United Kingdom, Poland, Mexico and Puerto Rico.
“Expanding our relationship with Santander in the Spanish market is a foundational piece of our global expansion plans,” said Simon Haslam, President of International Markets at Elavon. “Santander is an extremely sound bank that people trust. This partnership solidifies our relationship while providing value to Spain’s retailers and small businesses.”
About Elavon (www.elavon.com): Elavon’s Global Acquiring Solutions organization provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada, Mexico, Puerto Rico and Brazil. Elavon markets solutions including credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring through multiple alliance channels including financial institutions, trade associations and third party sales agents. Elavon’s suite of solutions is tailored to meet the needs of merchants in specialized markets such as small business, retail, hospitality/T&E, health care, education and the public sector. European activities are conducted through Elavon Financial Services Limited, an Irish registered bank headquartered in Dublin, which is a wholly owned subsidiary within the U.S. Bancorp (NYSE: USB) group of companies.
About U.S. Bancorp (www.usbank.com): U.S. Bancorp (NYSE: USB), with $352 billion in assets as of Sept. 30, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way.
About Banco Santander (SAN.MC, STD.N): Banco Santander is a retail and commercial bank, based in Spain. At the end of 2008, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Founded in 1857, Santander had EUR 1,168 billion in managed funds at the end of 2008. Following the acquisition of Sovereign Bancorp of the U.S. in January 2009, Santander has 90 million customers, more than 14,000 branches – more than any other international bank – and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. For more information visit www.santander.com.
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