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Evertec, the payment-processing unit of Popular Inc., a Puerto Rico-based banking company, says it wants to expand its operations in Mexico, Panama and Colombia, the company tells CardLine Global sister publication ISO&Agent Weekly. Popular "would consider acquisition opportunities as part of our corporate strategy to enter new markets in our core business," says a company spokesperson. Specific industries include distribution and retail, though these expansion plans "are continuously developing and, as of today, we don't have specific details," the spokesperson says. In 2008, Evertec processed 1.1 billion credit and debit card transactions. During the first nine months of 2009, the processor handled 836.3 million transactions, according to an Oct. 19 letter to shareholders from Richard L. Carrión, Popular chairman and CEO. "Evertec is on pace to surpass last year's income and exceed this year's budget," Carrión wrote. In 2008, Evertec had net income of $43.6 million (29 million euros), up 39.3% from $31.3 million the previous year, according to Popular's 2008 annual report. The Latin America and Central America regions' growth has driven the expansion, Evertec says. "This market, according to the 2009 Statistic Yearbook of the Economic Commission of the Latin America and the Caribbean, had a [gross domestic product] growth rate of 4.6%, despite the global economic outlook. The forecast for the next two to three years is that this growth will continue to be positive," the spokesperson says. Evertec has offices in Puerto Rico, Dominican Republic, Venezuela, Costa Rica, El Salvador, Guatemala, Panama, Mexico and Honduras.
