Deutsche Bank has reached an agreement with EVO Payments International, one of the largest merchant acquirers in the United States, on the sale of Deutsche Card Services, a wholly owned subsidiary of Deutsche Bank. Under the proposed transaction, EVO Payments International will acquire 100% of Deutsche Card Services. The transaction is subject to regulatory approvals.
Deutsche Card Services, Cologne, operates in 39 European markets. It provides merchant acquiring services to multi-national clients of Deutsche Bank including online, point-of-sale and ATM, as well as other related services.
In addition, Deutsche Bank’s Global Transaction Banking division and EVO Payments International will enter into a long-term strategic relationship agreement. The agreement includes joint marketing efforts regarding card acquiring and related products by the two parties on a pan-European exclusive basis. The relationship is a reflection of Deutsche Bank’s ongoing commitment to card acquiring as an important product to Deutsche Bank’s merchant clients.
James G. Kelly, CEO of EVO Payments International, said: “We are very excited to be expanding our business and the existing US sponsorship and referral relationship with Deutsche Bank into Germany and across Europe. We regard Deutsche Card Services as an excellent platform to facilitate this expansion. Clearly, we have been very impressed by the Deutsche Card Services team and will leverage the Cologne site as our platform for our pan-European growth strategy.”
“Our goal for EVO Payments International is to continue its path in becoming a truly global leader in the payment transaction sector and financial services industry,” added Ray Sidhom, Chairman of EVO Payments International. “This transaction represents the next step in having our company achieve this mission, and through supporting the Deutsche Bank relationship, we are confident in our ability to rapidly expand our market share.”
Werner Steinmüller, Head of Global Transaction Banking and a member of the Deutsche Bank Group Executive Committee, said: “Our main goals with this transaction were to find a partner that we could trust to continue to deliver high quality products and services to our clients as well as realizing the significant long-term potential of the Deutsche Card Services business. We feel that we have achieved both with EVO Payments. Deutsche Bank has an excellent existing working relationship with EVO Payments in the US. This is an opportunity to expand that relationship and reap the rewards of partnering with an experienced and high quality provider.”