EVO Payments and Bci to Establish New Card Acceptance Joint Venture in Chile
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
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.
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
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
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
Investor Relations & Corporate Communications Manager
Source: EVO Payments, Inc.