Banco Santander has completed its $435 million (350 million pound) acquisition of a majority stake in Ebury, a U.K.-based trade and foreign exchange platform for small and medium-sized businesses.
Banco Santander announced the deal to buy 50.1% of Ebury in November 2019, according to a press release.
“The investment in Ebury is a significant strategic milestone for the bank, allowing us to boost our capabilities in an exciting market with high growth potential,” Sergio Rial, chairman of Santander Brazil and chairman of Ebury said in the release. “This new acquisition will provide us with the capabilities to further increase the global trade services business with a new world class platform with which we expect a significant return on investment in the coming years.”
The agreement will provide Ebury access to Santander’s international network. Banco Santander already supports more than 4 million SMEs worldwide and more than 200,000 of those operate internationally.
Ebury has more than 43,000 active companies and operates in more than 140 currencies.