Citi and Elavon today announced that Antonio Castilho is the new president of Elavon in Brazil, the merchant services company created by a joint venture between Credicard, a wholly-owned subsidiary of Citigroup Inc. (NYSE:C), and Elavon, a wholly-owned subsidiary of U.S. Bancorp (NYSE:USB) and leading global payments provider.
Castilho's main objective will be to position Elavon as a competitive, leading acquirer in Brazil's fast-growing payments market by 2015. Elavon's expertise in technology and specialized services for the aviation, tourism, health and large retailers segments and Credicard's market expertise will be key drivers in the company's ability to meet this objective. At present, the company is hiring personnel and organizing the structure of the Brazilian head office. It is estimated that Elavon will begin operating in Brazil by the end of the year.
"Castilho brings a wealth of industry and local market knowledge to our business in Brazil," said Mike Passilla, President & CEO of Elavon. "We are very fortunate to have such a well-respected and proven industry executive leading the challenge to build and grow our business in Brazil's evolving payments market."
Widely experienced in the card issuing and acquiring segments, Castilho previously occupied senior positions at Visanet (currently Cielo), Banco Votorantim, in addition to Ticket and Vale Refeição. He holds a degree in Mining Engineering from West Virginia University, in the United States, and holds a Masters in Business Administration, from Escola Superior de Propaganda e Marketing (ESPM) in Brazil, and a specialization in Business Administration from Fundação Getúlio Vargas (FGV) in Brazil. He also holds a business management course degree from the Instituto Européen d'Administration des Affaires (Insead), in France.