Banco Santander announced that it will acquire a majority stake in UK-based Ebury, a trade and foreign exchange fintech for SMEs, for USD 400 mln.
Banco Santander will acquire 50.1% for GBP 350 million, with 70 million (USD 90 million) to be comprised of new primary equity to support Ebury's plans to enter new markets in Latin America and Asia. Banco Santander officials said the investment will further strengthen its global trade services business and consolidate its position as the "bank of choice" for SMEs either trading or aspiring to trade across Europe and the Americas and later in Asia.
Santander works with about 1.2 million merchants worldwide, representing EUR 150 billion in annual turnover. Ebury will continue to operate as an independent unit, supported by Santander, which has worked to grow its various units, including its Brazilian subsidiary Getnet.
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