EVO Payments International (EVO) has announced the successful completion of the purchase of Citigroup’s merchant acquiring business in Mexico, conducted through Banco Nacional de Mexico S.A. (Banamex), a wholly-owned subsidiary of Citigroup.
As part of the transaction, Banamex and EVO entered into a 10 year strategic marketing
EVO acquires Citi’s Merchant Acquiring business in Mexico
alliance that includes an exclusive referral arrangement covering card acquiring and related products for Banamex’s merchant customers. Financial terms are not being disclosed.
Banamex is the second largest merchant acquirer in Mexico by transaction volume with nearly 100,000 merchant locations, long-standing merchant relationships and a proven track record of innovation and best-in-class customer service. The business will market under the name Servicios de Pago Banamex provided by EVO Payments International.
“We are delighted to partner with Citigroup in Mexico,” comments James G. Kelly, CEO of EVO Payments International. “This acquisition and our marketing alliance with Banamex fit perfectly with our strategy of expanding to new markets globally through partnerships with market-leading financial institutions.
We have been very impressed with the leadership team of the business and will continue to support them in growing the business in Mexico. We are also excited to deploy EVO’s products and services in the Mexico market, which will enhance further the experience of Banamex’s impressive base of customers.”
“This strategic transaction represents an important step for Banamex and the electronic payments market in Mexico,” continues Ernesto Torres Cantu, CEO of Citi Mexico and Grupo Financiero Banamex.
“Our decision to join with EVO reflects our commitment to finding market-leading partners to ensure the highest quality of service for our merchant customers. We are pleased to support EVO’s efforts to build upon the significant achievements of the team to develop the leading payments business in Mexico.”
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