Pending regulatory approval, the payment processor will hold 51% stake in the proposed combined entity, while remaining 49% share will be owned by the Spanish lender.
Equipped with specialized teams, the new start up will assume responsibility for Santander’s merchant customers in Spain and provide service, support and solutions, in collaboration with the branch network.
Santander – Spain senior executive vice president of commercial banking Enrique Garcia Candelas said that the JV will boost services and incorporate new technologies for existing and future customers by providing a complete portfolio of industry-leading payment systems.
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 a 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 – more than any other international bank, and 187,000 employees at the end of June 2012.
