Elavon, a leading global payments provider, and Banco Santander, an international financial institution operating in 10 major markets with more than 100 million clients serviced by 15,000 branches, today confirm the establishment of a joint venture (JV) relationship in Spain, originally announced and proposed for regulatory approval in October 2012. Elavon is a wholly owned subsidiary of U.S. Bancorp (NYSE: USB).
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 extensive branch network to source new business, the JV's specialized teams will provide service, support and innovative solutions informed by voice of the customer and designed to enable commerce for businesses of all sizes.
Juan Golmayo, named CEO of the JV, will lead the organization's efforts and has over 20 years experience in the cards industry. Juan comes to the JV from Iberia Cards, a leading card issuer in Spain, owned by Iberia, the Spanish leading airline, Banco Popular, BBVA and Bankia.
The JV is positioned to build for success, together with the backing of Santander's respected brand and Elavon's award-winning International Processing Platform and IP Gateway, recognized as the Best Merchant Acquiring Initiative by the Cards & Payments Awards in 2012.
"Santander Elavon Merchant Services will deliver great benefits to business customers of all sizes across Spain, and Juan's ability to deliver on this opportunity is proven in the marketplace," 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," Haslam said.
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 United Kingdom, Poland, Mexico and Puerto Rico.
"We have enjoyed working with Elavon since 2003 and have found our relationship to be mutually beneficial in every market we work in together," said Enrique Garcia Candelas, Senior Executive Vice President of Commercial Banking, Santander - Spain. "This JV is yet another example of how we work together to bring the best value to customers in the markets we serve."