Global Payments Inc. (NYSE: GPN), a leading, worldwide provider of electronic transaction processing solutions, and “la Caixa,” the largest retail bank in Spain, announced today an agreement to form a joint venture to provide merchant acquiring and payment processing services to merchants in Spain.
“la Caixa”, headquartered in Barcelona, was founded over a century ago, and is the market leader in Spanish merchant acquiring with over 150,000 merchant outlets. “la Caixa” also has the largest consumer banking footprint in Spain with more than 5,000 branches, 10.5 million customers and a 21 percent market share in merchant acquiring.
“We are thrilled that “la Caixa” has agreed to partner with Global Payments,” said Chairman and Chief Executive Officer of Global Payments, Paul R. Garcia. “This joint venture clearly fits with our strategic objective of expanding globally and specifically within Western Europe while meeting “la Caixa”‘s own growth strategy of expanding its market share. Based on our singular focus on merchant acquiring, we expect to grow the customer base by providing increased sales resources and focus on the merchant acquiring business,” Garcia continued.
Juan Maria Nin, Chief Executive Officer of “la Caixa,” added: “By setting up a strategic alliance, “la Caixa” will be joining forces with a world leader in Global Payments, to drive forward market share growth and reinforce the quality of service that it provides to merchants. Furthermore, the deal represents an important step for “la Caixa” in the international growth of its payments systems business. Global Payments is the best partner that “la Caixa” could possibly find for this project, with its 40 years of recognized experience in the merchant services business and a powerful international presence. “la Caixa” and Global Payments share the same attitude towards the importance of new technologies and are committed to capitalizing on the new business opportunities that these generate.”