Banco Santander today announced a strategic investment in Ebury, the best-in-class trade and foreign exchange facilitator for small and medium-sized companies, for £350 million (approximately $450 million and €400 million). The investment, which fits Santander’s digital strategy of accelerating growth through new ventures, will strengthen its Global Trade Services offer and further consolidate Santander’s position as the bank of choice for SMEs trading or aspiring to trade internationally in its markets across Europe and the Americas, and in Asia later on. Ebury, which operates in 19 countries and 140 currencies, has generated consistent average annual revenue growth of 40% in the last three years.
UK-based Ebury operates on a unique worldwide distribution platform underpinned by a data driven business model and offers best-in-class customer experience and product capabilities. The partnership will enable Ebury to improve its value proposition, supported by a leading financial institution. Santander serves more than four million SME clients worldwide, of which more than 200,000 do international business.
Under the terms of the transaction, Santander will acquire 50.1% of Ebury for £350m, of which £70m will be new primary equity (approximately $90 million and €80 million) to support Ebury’s plans to enter new markets in Latin America and Asia. The bank expects a return on invested capital (RoIC) higher than 25% in 2024. Ebury’s existing investors, including co-founders and management, will reinvest in the transaction and the current management team will remain leading Ebury’s expansion.
Ana Botín, Group Executive Chairman of Banco Santander, said: “Small and medium-sized businesses are a major engine of growth around the world, creating new jobs and contributing up to 60% of total employment and up to 40% of national GDP in emerging economies. SMEs are becoming increasingly global and Santander is the best positioned bank to play a leading role to help them access global trade finance. By partnering with Ebury, Santander will deliver faster and more efficient products and services for SMEs, previously only accessible to larger corporates.”
Juan Lobato and Salvador García, co-founders of Ebury, said: “Combining a big bank with nimble fintech means we can offer our clients the best of both worlds: they can benefit from our technology and high-quality service safe in the knowledge that they are counterparty to one of the world most important financial institutions. It is an exciting time for Ebury, we have just completed our first acquisition, and the new capital from Santander and our existing shareholders will allow us to invest in new ways to serve SMEs trading internationally and continue the growth in our business while keeping our entrepreneurial culture.”
Ebury is a specialist player offering a full suite of foreign exchange and international payments services with very competitive pricing and flexibility. It has a wide customer base including SMEs, mid-corporates, banking partners and non-banking financial institution partners. Ebury, with 900 employees working in 22 offices in 19 countries, offers a state-of-the-art proven technology platform and a unique culture supported by Ebury’s co-founders, who have raised over $134 million since inception in 2009. In 2018, the company processed $16.7 billion in payments for their 43,000 clients.
Ebury will be able to leverage Santander’s capabilities, brand and correspondent bank network to establish new bank partnerships. Santander will take further advantage of the growth opportunity in SMEs cross-border transactions.
Sergio Rial, Santander Brasil’s CEO and executive sponsor of Santander’s Global Trade Services business, will join Ebury’s board as chairman. He will work closely with the existing Ebury team, led by Juan Lobato and Salvador García.
Ebury will continue operating as an independent unit, supported by Santander following its extensive experience in leveraging its Group scale to grow and develop the companies it has invested in, such as Getnet, the bank’s Brazilian subsidiary. Getnet, already a success in Brazil, is helping build the Global Merchant Services platform, initially starting in Mexico before expanding across Latin America and Europe. Santander works with 1.2 million merchants worldwide, with turnover of €150 billion, making Santander a top 10 global acquirer in the world by volume.
The bank is offering SMEs greater options to facilitate their growth and internationalization. Santander, along with other international banks, earlier this month officially launched the Trade Club Alliance, a unique global network of banks aiming to make international trade simpler with an innovative digital platform.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of September 2019, Banco Santander had EUR 1.04 trillion in customer funds, 144 million customers, of which 21 million are loyal and 36.2 million are digital (51% of active customers), 12,700 branches and 200,000 employees. Banco Santander made underlying profit of EUR 6,180 million in the first nine months of 2019, an increase of 2% compared to the same period the previous year.
SOURCE The Santander Group
i-exceed’s Appzillon Powers Canara Bank’s Omni-Channel Consumer Banking – A Comprehensive Solution for Cutting-Edge Mobile and Internet Banking Experiences
For some time now, Canara Bank, one of the leading public sector banks in India has been working with i-exceed for a successful digital transformation.
The bank started its digital transformation journey in 2017 by launching CANDI – India’s first truly digital banking branch that offers various banking services to the customers including instant digital on-boarding.
The next phase of digital transformation took place in the form of Omni-Channel Consumer Banking. Here, the bank wanted to provide a consistent user experience to its customers across all mobile and Internet channels.
i-exceed’s Appzillon Omni-Channel Consumer Banking proved to be the right fit for Canara Bank’s requirements because of its capabilities to function as a stand-alone system and also perfectly integrate with existing legacy systems. Customers can now use common credentials and access a unified beneficiary database, limits, etc. across different solutions offered by the bank. i-exceed’s offering also ensured quick time to market of all the project deliverables in an agile manner.
Omni-Channel Consumer Banking has been built using Appzillon Digital Experience Platform. A unique differentiator of the platform is its micro-app based architecture. It enables app developers to combine as well as customise micro apps from Appzillon Digital Repository to build complex apps much faster than other platforms in the market. Apps developed using Appzillon follow a ‘code once deploy anywhere’ approach that significantly reduces development and deployment effort for a wide range of environments (operating systems, browsers, and device form factors). The scalable architecture of the platform played an integral role in the app’s success as it could swiftly adapt to the large volumes of transactions taking place on Canara Bank’s Internet banking channel.
Recently, leading global FinTech-focused analyst firm IBS Intelligence recognized i-exceed at the Global FinTech Innovation Awards for ‘Most Innovative Digital Banking Implementation’ at Canara Bank.
S Sundararajan, Executive Director at i-exceed commented, “We are proud to be associated with Canara Bank for almost three years in their digital transformation endeavours. We are very excited to partner with them on their multiple digital initiatives as they become a digital-first bank. We wish Canara Bank all the best in their initiatives and look forward to our continued engagement as there is a tremendous opportunity to bring more customers to perform all their transactions digitally.”
SOURCE i-exceed technology solutions
Ping An Completes First Venture Investment in India to Enhance Auto Services Ecosystem
Ping An Insurance (Group) of Company of China, Ltd. (hereafter “Ping An” or the “Group”, HKEx:2318; SSE:601318) announced that Ping An Global Voyager Fund, its overseas investment arm, has led a US$70 million Series D in Indian auto technology company CarDekho, alongside Sequoia Capital and Hillhouse Capital. This is Ping An’s first venture investment in India.
CarDekho Group, founded in 2008, is one of India’s leading autotech companies. It has successfully digitized the auto ecosystem in India and is aggressively pursuing the vision to own the personal mobility space by helping customers across their entire car buying and ownership journey. CarDekho Group currently has operations in India, Indonesia and Philippines and operate leading Indian auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, InsuranceDekho.com and PowerDrift.com.
Based in China, Ping An is one of the world’s largest financial services companies. Ping An has been investing heavily in technology and building five ecosystems covering financial services, health care, auto services, real estate services, and smart city services. The Group is the majority shareholder of China’s largest auto portal Autohome (NYSE: ATHM).
“Auto services are a core component of Ping An’s ‘finance + ecosystem’ strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers’ needs,” said Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. “The Global Voyager Fund’s stake in CarDekho represents Ping An’s first venture investment in India, and we are delighted to partner with an organization of CarDekho’s caliber.”
“It’s a matter of great pride for us at CarDekho that Ping An is choosing us as their first Indian investment. As a leading full stack autotech company in India, we at CarDekho are committed to help consumers throughout their car buying journey. Our unique auto ecosystem provides us a competitive edge in reaching out to consumers and engage with them through our various transaction models at one platform. With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility player in the country,” said Mr Amit Jain, CEO and Co-Founder, CarDekho Group.
SOURCE Ping An Insurance Group Ltd.
Broadridge Announces Pricing of $750 Million Senior Notes
Broadridge Financial Solutions, Inc. (NYSE: BR) (“Broadridge”) today announced that it has priced $750 million aggregate principal amount of 2.900% senior notes due 2029 (the “Notes”) in an offering registered under the Securities Act of 1933, as amended. Broadridge intends to use the net proceeds of this offering to repay the outstanding indebtedness under its revolving credit facility and for general corporate purposes.
J.P. Morgan Securities LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., BNP Paribas Securities Corp., TD Securities (USA) LLC. and U.S. Bancorp Investments, Inc. are acting as the joint book-running managers for the offering.
The Notes are being offered pursuant to an effective registration statement only by means of a prospectus and related preliminary prospectus supplement, copies of which may be obtained from: J.P. Morgan Securities LLC collect at 212-834-4533, BofA Securities, Inc. toll-free at 800-294-1322, Morgan Stanley & Co. LLC toll-free at 866-718-1649 and Wells Fargo Securities, LLC toll-free at 800-645-3751.
You may also visit www.sec.gov to obtain an electronic copy of the prospectus and related preliminary prospectus supplement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Broadridge Financial Solutions, Inc.
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