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Elavon and Santander Announce New Alliance Relationship to Supply Merchant Services in the UK

ATLANTA & LONDON--(BUSINESS WIRE)--Sep. 21, 2009-- Elavon and Santander today announce the launch of a new alliance for merchant services in the UK. This alliance combines Elavon, a wholly owned subsidiary of US Bancorp (NYSE: USB) and a leading global payments provider, and Santander, one of the strongest and best capitalized banks in the world.

Jointly, Elavon and Santander’s strategy is to become one of the leading players in the UK acquiring market. The new alliance will enable Santander to leverage Elavon’s end-to-end control of the processing relationship; from risk and underwriting, to processing, funding and all customer support functions, whilst Elavon will dramatically increase their presence in the UK market by partnering with one of the most respected and fastest growing institutions in the UK.

“Santander aims to become the best commercial bank in the UK. This new alliance further enhances our portfolio of market leading current account and money transmission services for new and existing customers and demonstrates our commitment to supporting UK business during these challenging times. Through the new Santander and Elavon alliance, UK businesses can benefit from a comprehensive card processing system tailored to their specific needs with the added benefits of dynamic currency conversion and online account management,” said Steve Pateman, Head of Corporate and Commercial Banking, Santander.

“Elavon’s alliance model has been an integral part of our success in the United States for almost 20 years, and we’re excited to leverage the reputation and reach of Santander as we expand in Europe,” said Stuart C. Harvey, Jr., CEO of Elavon.

The alliance will benefit Santander’s corporate and business customers, who, under the new agreement, will gain access to Elavon’s robust and secure international processing platform, which features cross border and multi-currency processing, eliminating the need for pan-European clients to contract with multiple processors, while providing one point of service for all processing and customer support.

About Elavon

Elavon’s Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon’s services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Elavon represents the former brands of NOVA Information Systems and its affiliates FHMS and euroConex. Visit Elavon on the web at www.elavon.com.

About U.S. Bancorp

U.S. Bancorp, with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. U.S. Bank was recognized by Euromoney magazine in July 2009 as the “Best Bank in the United States.” The company operates 2,850 retail banking offices and 5,173 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. In addition to its North American business, U.S. Bancorp provides payment services internationally through Elavon. Visit U.S. Bancorp on the web at www.usbank.com.

About Banco Santander (SAN.MC, STD.N) is a retail and commercial bank, based in Spain. At the end of 2008, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Founded in 1857, Santander had EUR 1,168 billion in managed funds at the end of 2008. Following the acquisition of Sovereign Bancorp of the U.S. in January 2009, Santander has 90 million customers, more than 14,000 branches – more than any other international bank – and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. For more information visit www.santander.com.

In the UK, Santander Corporate Banking was established June 2009. The corporate banking division supports businesses with a turnover over £1 million via the bank’s 20 regional corporate banking centres, which are located around the UK.

In the UK, Santander operates three brands which provide services to businesses, Abbey Business Banking, Alliance & Leicester Business Banking and Santander Corporate Banking.

Source: Elavon

Elavon Media Relations
Holly Lytle, +1.678.731.5236
U.S. Bank Media Relations
Teri Charest, +1.612.303.0732
Santander Cards Media Relations
Robert Buller, +44 (0)203 130 4560

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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