IBOS member Banco Santander strengthens its international trade operations for SMEs
IBOS member Banco Santander has announced that it is strengthening its international trade operations for SMEs with the completion of the investment in Ebury.
Banco Santander announced today, 29 April 2020, the completion of its purchase of a c.50.1% stake in Ebury, one of the best international payment, FX and international cash management platforms for SMEs, after obtaining all regulatory approvals from the required authorities. This transaction was announced in November 2019 and is part of the bank’s digital strategy, providing SMEs with the necessary tools for their international expansion through global trade finance services.
Santander invested c.£350 million (around €400 million) in the deal. Of this amount, £70 million was used to bolster the company’s resources to underpin its international expansion. The agreement provides Ebury with access to Santander’s international network. The bank already supports more than four million SMEs worldwide, of which over 200,000 operate internationally. The bank can also offer support to Ebury’s existing customer base, which includes SMEs and companies, and agreements with financial and other industry partners.
Through its Global Trade Services business, Santander supports access to international markets for small and medium-sized companies through trade finance, supply chain, payments and foreign exchange, with fast and efficient services. With a revenue pool around $200 billion, the goal of the bank’s global platform is to lead international trade for SMEs in Europe and Latin America, and it intends to expand to 20 markets in the medium term.
Read the full press release via Banco Santander here.