Banking News

Santander continues investment in trade capabilities

Santander continues investment in trade capabilities

(13 March 2020 – Europe) Banco Santander has announced plans to acquire a majority 50.1 percent stake in Spanish trade finance software house Mercury TFS through a €30 million investment.

Santander has used Mercury TFS’s services in Spain, Mexico, Chile and Germany for years, helping customers to manage their entire trade finance activity online or via mobile phone. The bank's businesses in the UK and Portugal will begin using it at year-end through Global Trade Services (GTS), Santander's global trade platform.

The head of Santander's global payments services, Javier San Félix, said of the acquisition: “The investment accelerates our plans to build a service platform for SMEs and international companies to better serve our customers worldwide. We are also helping to globalise Mercury TFS, a software company with huge potential and a team with enormous talent, by reinforcing their technical and commercial teams and complementing their already broad product range.”

In November Santander also bought a 50.1 percent stake in Ebury, a provider of corporate banking services to SMEs that trade internationally.

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