EVO Payments International announced yesterday (Sept. 1) that it has completed the purchase of Citigroup’s merchant acquiring business in Mexico for an undisclosed amount.
The payment acquirer and payment service provider announced that, as part of the deal, Banamex and EVO entered into a 10-year marketing alliance agreement that involves an exclusive referral arrangement for card acquisition and all products connected with Banamex’s merchant customers.
As the second-largest merchant acquirer in Mexico, Banamex has close to 100,000 merchant locations. It will continue to operate under the name Servicios de Pago Banamex, which will be operated by EVO Payments International.
“We are delighted to partner with Citigroup in Mexico,” said James 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.”
Ernesto Torres Cantu, CEO of Citi Mexico and Grupo Financiero Banamex, remarked: “This strategic transaction represents an important step for Banamex and the electronic payments market in Mexico. 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.”