EVO Payments acquires Citi's merchant acquiring business in Mexico

EVO Payments International has completed the acquisition of Citigroup's merchant acquiring business in Mexico.

EVO Payments acquires Citi's merchant acquiring business in Mexico

The dealw as completed through Banco Nacional de Mexico S.A. (Banamex), a subsidiary of Citigroup.

Banamex and EVO have signed a 10 year strategic marketing alliance that includes an exclusive referral arrangement covering card acquiring and related products for Banamex’s merchant customers.

Financial terms of the transaction have not been disclosed.

Following the acquisition, Banamex will operate under the name Servicios de Pago Banamex provided by EVO Payments International.

EVO Payments CEO James Kelly said: “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.”

Citi Mexico and Grupo Financiero Banamex CEO Ernesto Torres Cantu said: “This strategic transaction represents an important step for Banamex and the electronic payments market in Mexico.

“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.”