EVO Payments, National Bank of Greece to create merchant acquiring JV
EVO Payments, a US-based payment technology integrations and acquiring solutions provider, has agreed to create a joint venture with the National Bank of Greece (NBG) to offer merchant acquiring and payment processing services.
The joint venture will be created through the spin-off of the National Bank of Greece’s merchant acquiring business into a new entity in which EVO Payments will acquire a 51% stake for €158 million.
The deal covers a marketing alliance under which the National Bank of Greece will refer customers to the joint venture exclusively. EVO Payments will handle the joint venture and offer its card acceptance solutions through its products and processing platforms.
Established in 1841, the National Bank of Greece is said to be the largest bank in Greece on the basis of total assets with over five million active customers and around 360 retail branches in the country. It is also the largest card issuer in Greece with a market share of 33%, while being the second largest merchant acquirer with a market share of 22% and nearly 165,000 merchants generating an annual volume of over $11 billion.
EVO Payments, National Bank of Greece to create merchant acquiring joint venture. Photo courtesy of EmRunTonRespNin/Wikimedia Commons.
Paul Mylonas — CEO of National Bank of Greece said: “The establishment of our relationship with EVO is a great step forward for the National Bank of Greece as it seeks to capitalize on the attractive payments opportunity in the market.
“We are equally pleased to form this alliance and leverage EVO’s proven payments expertise as we enhance our merchant acquiring products and services and increase the value of the business.”
The deal is expected to grow the footprint of EVO Payments in Europe and enable it to tap the strong trends in digital payments and card adoption.
James G. Kelly — CEO of EVO Payments said: “We are very excited to expand our international footprint into Greece by forming a long-term marketing alliance with NBG.
“NBG will be a trusted partner as we bring our proprietary solutions to the market and increase card acceptance. The Bank’s market leading brand recognition and significant customer base will enable us to grow the merchant portfolio as we work together to deliver strong revenue growth.”
The deal, which is subject to customary regulatory approvals and closing conditions, is anticipated to close next year.