In the new JV, the payment processor will hold 51% stake, while remaining 49% share will be owned by the Spanish lender, as per terms of the agreement, which was originally announced and proposed for regulatory approval in October 2012.
Equipped with specialized teams, the new start up will assume responsibility for Santander’s merchant customers in Spain to offer service, support and solutions to customers, in collaboration with the Santander’s branch network.
Juan Golmayo has been appointed as the new CEO of the JV, who will oversee the functioning of the new unit.
Prior to joining Santander Elavon Merchant Services, he was working with Iberia Cards, a card issuer in Spain, owned by Iberia, the Spanish leading airline, Banco Popular, BBVA and Bankia.
Both firms have been co-operating with each other since 2003, when they launched foreign currency payment services for Spanish retailers, while the new alliance strengthens their relationship in the UK, Poland, Mexico and Puerto Rico.
Elavon is part of Elavon Financial Services, a wholly owned subsidiary within the US Bancorp, and serves more than 1.2 million merchants in the US, Europe, Canada, Mexico, Puerto Rico and Brazil.
Established in 1857, the Spain based bank had €1.418 trillion in managed funds, 102 million customers, 14,569 branches, and 187,000 employees at the end of June 2012.
