Elavon and Banco Santander Close Deal to Deliver Merchant Services in Spain

  Elavon and Banco Santander Close Deal to Deliver Merchant Services in Spain

 Joint Venture Delivers Santander’s Brand and Elavon’s Technology Innovation
                    and Investments to Spanish Businesses

Business Wire

ATLANTA & MADRID -- April 12, 2013

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 confirm the
establishment of a joint venture (JV) relationship in Spain, originally
announced and proposed for regulatory approval in October 2012. Elavon is a
wholly owned subsidiary of U.S. Bancorp (NYSE: USB).

The agreement establishes the JV, Santander Elavon Merchant Services, 51% of
which will belong to Elavon and the remaining 49% to Santander. Assuming
responsibility for Santander’s existing merchant customers and leveraging the
bank’s extensive branch network to source new business, the JV’s specialized
teams will provide service, support and innovative solutions informed by voice
of the customer and designed to enable commerce for businesses of all sizes.

Juan Golmayo, named CEO of the JV, will lead the organization’s efforts and
has over 20 years experience in the cards industry. Juan comes to the JV from
Iberia Cards, a leading card issuer in Spain, owned by Iberia, the Spanish
leading airline, Banco Popular, BBVA and Bankia.

The JV is positioned to build for success, together with the backing of
Santander’s respected 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.

“Santander Elavon Merchant Services will deliver great benefits to business
customers of all sizes across Spain, and Juan’s ability to deliver on this
opportunity is proven in the marketplace,” said Simon Haslam, President of
International Markets for Elavon. “From providing global accounts with a
single source provider across their portfolio, to addressing the needs of
small business customers, this JV leverages the best that both Santander and
Elavon offer,” Haslam said.

The new JV 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

“We have enjoyed working with Elavon since 2003 and have found our
relationship to be mutually beneficial in every market we work in together,”
said Enrique Garcia Candelas, Senior Executive Vice President of Commercial
Banking, Santander - Spain. “This JV is yet another example of how we work
together to bring the best value to customers in the markets we serve.”

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 $354
billion in assets as of December 31, 2012, is the parent company of U.S. Bank,
the 5th largest commercial bank in the United States. The Company operates
3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions.

About Banco Santander: Banco Santander (SAN.MC, STD.N, BNC.LN) 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 by market capitalization. Founded in
1857, Santander had EUR 1.388 trillion in managed funds, 102 million
customers, 14,392 branches - more than any other international bank - and
187,000 employees at the close of 2012. It is the largest financial group in
Spain and Latin America. It also has significant positions in the United
Kingdom, Portugal, Germany, Poland and the northeast United States. Santander
had a pre-provision profit of EUR 23.559 billion in 2012, an increase of 2%
from the previous year.


Claire Gajeckyj (Europe)
Direct line: 01923 651542
Jessica Dixon (Agency, Europe)
Telephone: 020 7403 6900
Teri Charest (U.S. Bank)
Direct line: +1-612-303-0732
Patricia Colino Camara
Direct line: +34 91 289 52 11
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