Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has extended its relationship with Santander, one of the strongest and best capitalized banks in the world, through the establishment of a joint alliance in Mexico.
The alliance establishes a new global foothold for Elavon in a burgeoning credit card market and capitalizes on an existing relationship with Santander in Spain, the UK and Puerto Rico.
Under the terms of the marketing alliance, acquiring services will be offered to existing and prospective Santander merchants, backed by the powerful combination of the trusted Santander brand and Elavon's payments industry expertise.
"Santander has always offered acquiring services as a valuable product to our clients," said Marcos Martínez Gavica, Executive President of Santander-Mexico. "However, we believe that we can better respond to the needs of the payments industry and our customers by transitioning the business to an alliance solely dedicated to acquiring."
"Expanding our global footprint into Latin America is in line with Elavon's global growth strategy," said Stuart C. Harvey, Jr., CEO of Elavon. "Santander is a strong, trusted bank and this alliance will deepen our relationship while delivering value to merchants doing business in Mexico."