EVO Payments Inc., is entering into a marketing agreement with the National Bank of Greece, requiring the company to provide merchant acquiring and payment processing services.
According to a news release, the terms of the agreement require EVO to pay about $180 million for ownership rights, with the partners creating a merchant acquiring joint venture. The release noted that EVO hold a 51% stake in the venture.
“The establishment of our relationship with EVO is a great step forward for the National Bank of Greece as it seeks to capitalize on the attractive payments opportunity in the market,” Paul Mylonas, CEO of NBG, said in the release. “We are equally pleased to form this alliance and leverage EVO’s proven payments expertise as we enhance our merchant acquiring products and services and increase the value of the business.”
The deal, according to ta report from Business Wire, is expected to close in 2022 and is subject to regulatory approvals and closing terms. James G. Kelly, CEO of EVO, said in the release, that the company was “excited” to expand its international footprint into Greece with the long-term agreement with NBG.
The deal also forges a marketing alliance in which NBG, which was founded in 1841 and is the largest bank in Greece by total assets, will refer customers to the joint venture, with EVO managing that project.
The NBG has approximately 360 retail branches in the country and the bank is the largest card issuer with a 33% market share, the release stated. The bank is also the second largest merchant acquirer in the Greece with more than 164,000 merchants generating more than $11 billion in annual volume.