Elavon and Banco Santander Form a Merchant Services Joint Venture in Spain
New Business Strengthens Relationship and Fuels Global Growth
ATLANTA & MADRID -- 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 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
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
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.
Elavon Media Relations
Holly Lytle, +1-678-731-5236
Patricia Colino Camara, +34 91 289 52 11
Director Ejecutivo de Comunicación Externa
Teri Charest, +1-612-303-0732
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