ATLANTA, May 28, 2019 (GLOBE NEWSWIRE) -- EVO Payments, Inc. (NASDAQ: EVOP), (“EVO”) a leading global provider of payment technology integrations and acquiring solutions, announced today that it is forming a 10-year joint venture with Banco de Crédito e Inversiones (“Bci”), the third largest private bank in Chile. As a result of the joint venture, EVO will become the first international merchant acquirer to enter the Chilean market by partnering with a national financial institution.
Founded in 1937, Bci supports over 70,000 business customers and more than 325 retail branches throughout the country. Bci has a track record of payments innovation, evidenced by its leading mobile payment solution, MACH, that currently provides P2P payments for over 1 million subscribers.
“We are very excited to be entering Chile and partnering with Bci,” stated James G. Kelly, EVO’s CEO. “Bci has built a strong reputation for both solid growth and innovation, and we are delighted to support their customers’ needs with our global product and technology solutions. We see Chile as a highly attractive market for accelerated growth in card usage and expanding acceptance.”
Maurico Araya, Bci’s Payments Solutions Manager, added, “Bci believes in establishing long-term relationships with strategic partners that provide a differentiated experience for our valued customers. We are pleased to be working with EVO, a global leader in payments, to enhance our relationship with existing and new customers across the country. Our market is transforming from a single acquirer model to one with multiple acquirers with increased capabilities and competition. We view EVO as the best partner to lead these efforts for our customers and bank.”
The Chilean payments market was established with the creation of a single acquiring and issuing processor known as Transbank. Currently, Transbank provides essentially all acquiring and issuing services for banks in the market. Chilean regulators have recently announced legislation that will open the market for new entrants to create a broader set of products and services for merchants and their customers. As such, the joint venture will commence operations and begin to process for new merchants following closing.
Under the terms of the agreement, EVO will acquire a 50.1% ownership stake in the new joint venture. Bci will provide exclusive referrals from its existing customer base and any new bank relationships. The transaction is expected to close after receiving regulatory approval.
Additional Information
For additional materials, including information on Bci, the Chilean market, and merchant acquiring research statistics, please visit https://investor.evopayments.com/chile-fact-sheet.
Forward Looking Statements
This release contains statements about future events and expectations that constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are often identified by words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecast,” “outlook,” “target,” “should,” “could,” “would,” “will” and comparable words. These forward-looking statements involve certain risks and uncertainties and other factors that could cause actual results to differ materially from those indicated in such forward-looking statements, including, but not limited to: uncertainties as to the timing of the consummation of the proposed transaction and the ability of the parties to consummate the proposed transaction; the ability of EVO to implement its plans and other expectations with respect to the joint venture; and the other risks, uncertainties and important factors contained and identified (including under the heading "Risk Factors") in EVO’s filings with the Securities and Exchange Commission, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof and, except for EVO’s ongoing obligations under applicable securities laws, EVO undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
About EVO Payments, Inc.
EVO Payments, Inc. (NASDAQ: EVOP) is a leading payment technology and services provider. EVO offers an array of innovative, reliable, and secure payment solutions to merchants ranging from small and mid-size enterprises to multinational companies and organizations across the Americas and Europe. As a fully integrated merchant acquirer and payment processor in over 50 markets and 150 currencies worldwide, EVO provides competitive solutions that promote business growth, increase customer loyalty, and enhance data security in the markets it serves.
About Bci
Banco de Crédito e Inversiones (SSE: Bci) is Chile’s third-largest private bank. Founded more than 80 years ago, it has more than 356 banking centers throughout Chile and more than 10,500 employees. It has operations in Miami and representative offices in Mexico, Lima, Sao Paulo, Bogota and Shanghai. In the US, Bci owns and operates the Bci Miami branch, Bci Securities and City National Bank, which was acquired in 2015, making Bci the first Chilean financial institution to own a bank in the United States.
Bci is recognized by its peers because of its high corporate governance standards, transparency and financial strength. Throughout the past 6 consecutive years, Bci has been awarded by World Finance Banking as the “Best Banking Corporation” and “Best Private Bank”, as well as garnered first place on the “Chilean Customer Satisfaction Index”. Bci has also been recognized in the 4th place in the “Best Place to Work” Ranking in Chile in 2017 and also “Best Corporate Reputation in Chile” by Merco, among other recognitions related with Corporate Governance, Corporate Social Responsibility and Financial Inclusion.