Card payment acquirer and payment service provider EVO Payments has bought Citigroup’s merchant acquiring business in Mexico for an undisclosed sum.
Banco Nacional de Mexico S.A. (Banamex) operated Citi's merchant acquiring business in Mexico. EVO and Banamex also reached a 10-year strategic marketing alliance as part of the deal, including exclusive referrals for card acquiring and related products for Banamex customers. The business will be marketed under the name Servicios de Pago Banamex provided by EVO Payments International.
"We are delighted to partner with Citigroup in Mexico," said EVO chief executive James Kelly,in a September 2 news release. "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.”
Banamex is the second largest merchant acquirer in Mexico by transaction volume, featuring roughly 100,000 merchant locations. The acquisition builds on other recent deals by Evo with
