US Bank to establish Irish banking entity to support EuroConex operations

Source: EuroConex Technologies

Ireland-based euroConex Technologies Ltd., a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and an affiliate of both U.S. Bank N.A. and NOVA Information Systems, today confirmed that U.S. Bank has formally begun the process to establish a new bank in Ireland in support of the European merchant acquiring business of euroConex, as well as additional U.S. Bancorp business lines.

This new bank will serve as the European platform for the group's banking operations from its planned headquarters in Loughlinstown, Co. Dublin.

"This key component of our aggressive pan-European expansion plans demonstrates our commitment to the Irish community," said Roger Alexander, CEO of euroConex. "We will be able to more quickly enter new European markets, through both organic growth and acquisitions."

Subject to regulatory approval, U.S. Bank intends that the new bank be established and licensed by the end of this year, and will focus primarily on merchant acquiring, 'closed loop' corporate card issuance, and other wholesale and institutional banking activities within Europe. The new bank is not envisaged to undertake retail or consumer banking operations at this time.

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