MINNEAPOLIS--(BUSINESS WIRE)--Minneapolis-based U.S. Bancorp (NYSE: USB), the fifth largest commercial bank in the United States, and the parent company of Elavon, Inc., has sold its 50.1 percent majority stake in São Paulo-based, Elavon do Brasil (EdB) to Stone Pagamentos, S.A, a local market, privately-held merchant acquirer.
Following the transaction, Elavon do Brasil will continue to provide the same exceptional service that merchant customers have come to expect as it transitions its operations to Stone.
Financial terms of the agreement were not disclosed. The transaction will have no material impact to U.S. Bancorp.
About U.S. Bank
Minneapolis-based U.S. Bancorp, with $429
billion in assets as of March 31, 2016, is the parent company of U.S.
Bank National Association, the fifth largest commercial bank in the
United States. The Company operates 3,133 banking offices in 25 states
and 4,936 ATMs and provides a comprehensive line of banking, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About Elavon, Inc. (www.elavon.com)
Elavon
is an independent card payments specialist owned by U.S. Bancorp, the
fifth-largest bank in the United States, and provides end-to-end payment
processing solutions and services to more than 1.3 million customers in
the United States, Europe, Canada, Mexico, Brazil and Puerto Rico. As
the number one provider for airlines and a top five provider for
hospitality, healthcare, retail, and public sector/education, Elavon’s
innovative payment solutions are designed to solve pain points for
businesses from small to enterprise-sized.