Elavon, the payments provider subsidiary of US Bancorp and Banco Santander have set up a joint venture (JV) relationship in Spain, which was originally announced and proposed for regulatory approval in October 2012.
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 branch network to source new business, the JV’s teams will provide service and support for businesses of all sizes.
Juan Golmayo, who was named as chief executive officer (CEO) of the JV, has over 20 years’ experience in the cards industry and was previously with Iberia Cards, a leading card issuer in Spain, owned by Spanish airline Iberia, Banco Popular, BBVA and Bankia.
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 UK, Poland, Mexico and Puerto Rico.
“Santander Elavon Merchant Services will deliver great benefits to business customers of all sizes across Spain,” 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.”
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