Celebrating 25 Years of U.S. Bank in Europe

The bank has more than 3,300 people in 13 offices across nine European markets and serves clients across the region

With a banking charter signed by President Lincoln’s comptroller of the currency in 1863, U.S. Bank can be viewed as a quintessential American bank. However, the institution has a large and growing European operation that recently celebrated its 25^th anniversary.

Payments pioneer in Ireland

The U.S. Bank European journey began in June of 2000 with the establishment of euroConex, a joint venture with the Bank of Ireland, providing payment processing for merchants throughout Ireland.

“It seems like yesterday I was arriving in Arklow, Ireland to help start the bank’s first European expansion,” said Jamie Walker, head of Merchant Payment Services. 

Today, the bank has more than 3,300 people in 13 offices across nine European markets and serves clients across the region.

The three main U.S. Bank business units in Europe are Elavon, Global Corporate Trust and Global Fund Services. These units specialize in payments and investment services industries, respectively, yet remain interconnected under U.S. Bank infrastructure.

Mighty oaks from little acorns grow  

The merchant payment business in Ireland grew rapidly and, in 2004, U.S. Bancorp bought Bank of Ireland’s shares in euroConex, making it the sole owner of the joint venture. In 2008, the name was changed to Elavon.

Today, Elavon uses leading technologies to serve companies ranging from large multinational enterprises to locally owned small businesses. Elavon is consistently rated among the top payment providers in the world, processing over $576 billion in more than 130 currencies.

“We’ve supported thousands of merchants and partners with payment acceptance, created a pathway for many employees to realize their potential and built a reputation for trust and reliability,” said Hemlata Narasimhan, European president, Merchant Payment Services.

Building a global corporate trust operation

In 2010, U.S. Bank acquired the European securitization, trust and agency business from Bank of America. It marked the start of the bank’s corporate trust business in Europe, with teams based in London and Dublin.

Corporate trust refers to the services provided by banks in a fiduciary capacity, such as acting as a trustee, paying agent or registrar for bonds, loans or other financial instruments.

“Our longevity, as well as our current position, are a testament to the team members we have in Europe,” said Tom Cubitt, head of Global Corporate Trust – Europe.

Expanding to offer Global Fund Services

In 2013, U.S. Bancorp acquired Irish hedge fund administrator Quintillion, triggering the beginning of Global Fund Services (GFS) in Europe.

GFS, which has operated in the U.S. since 1969, offers investment managers a suite of solutions, such as servicing for alternative investments, European exchange traded funds (ETFs) and mutual funds, as well as fund custody and depositary services. The team supports both U.S.-based global clients requiring European jurisdiction services and local European customers. The evolution of the business has been significant, marked by a client-centric approach.

“We combine a specialist business with the breadth of balance sheet and infrastructure of the bank to offer clients the best of both worlds,” said Ken Somerville, head of Global Fund Services, Ireland.

Twenty-one employees celebrating 25 years of service

U.S.-based senior bank leaders frequently visit Europe to meet clients personally, exemplified by annual events like the European client breakfast. Relationship managers maintain regular communications, proactively reaching out to clients to serve their needs.

The U.S. Bank Europe team includes many long-standing employees, including 21 who have been with the company since its European arm was created 25 years ago.

A summer of celebrations

To mark the milestone, a series of celebrations have been held or planned across Europe, including events in London, Luxembourg, Frankfurt, Newcastle, Warsaw and Madrid.

“Thanks to the efforts of a small but illustrious group of colleagues, we have grown from a nascent merchant processing business to become a significant banking presence in Europe,” said Declan Lynch, chief executive officer, U.S. Bank Europe.

Looking forward to the next 25 years

Building on the momentum of the past quarter century, GFS Europe has launched several new offerings to serve clients. These include the introduction of the depositary and custody business about six years ago, the Luxembourg office five years ago – at the peak of Covid – and, most recently, the rollout of ETF services about 18 months ago.

The ETF sector in Europe is rapidly growing, mirroring trends seen in the United States. The bank’s early entry into this market positions it as a leader, with the potential to capture growth, said Didier Delvaux, head of Global Fund Services Europe.

“With our focus on quality and high-touch service, we can be a compelling solution for a lot of clients,” Delvaux said. “It's super exciting; the world is our oyster.”