ATLANTA & MADRID--(BUSINESS WIRE)--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 Santander’s merchant customers in Spain and will be equipped with specialized teams who, in collaboration with the branch network, will provide service, support and solutions.
Customers will benefit from the powerful combination of Santander’s trusted 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 fundamental part of our global expansion plans,” said Simon Haslam, President, International Markets at Elavon. “Santander is an extremely sound bank that people trust. This partnership solidifies our relationship while providing value to businesses across Spain.”
About Elavon (www.elavon.com): Elavon’s Global Acquiring Solutions organization provides end-to-end payment processing services to over 1.2 million merchants in the US, Europe, Canada, Mexico, Puerto Rico and Brazil. Elavon markets solutions including credit and debit card processing, dynamic currency conversion, multi-currency support, and cross-border acquiring through multiple alliance channels and tailors services to meet the needs of customers in 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, BNC.LN): Banco Santander is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone. Founded in 1857, Santander had EUR 1.418 trillion in managed funds, 102 million customers, 14,569 branches – more than any other international bank – and 187,000 employees at the close of June 2012. It is the largest financial group in Spain and Latin America. Furthermore, it has significant positions in the United Kingdom, Portugal, Germany, Poland and the U.S. northeast. Santander Consumer Finance operates in the Group’s core markets as well as in the Nordic region.