U.S. Bank (NYSE: USB), the fifth-largest commercial bank in the United States, is celebrating 25 years of operations in Europe, a journey that began in Arklow, Ireland and laid the foundations for one of Europe's leading payment providers, Elavon.
Since its early beginnings, the company has grown from a small joint venture into one of Ireland's most significant financial employers. Today, U.S. Bank provides end-to-end payment processing solutions and services to merchants through its payment division, Elavon, and provides investment services to institutional clients across Europe, employing over 1,100 staff in Ireland which serves as the company's European headquarters. Elavon's European journey leading global payment innovation began in 2000 in Arklow through the formation of euroConex, a joint venture with Bank of Ireland. This marked the first step in what would become a decades long commitment to Ireland as a hub for talent, technology and transformation.
Jamie Walker now CEO of Elavon, was a key part of starting the company's Arklow operations 25 years ago. He reflects on Ireland's pivotal role in its European success: "Ireland gave us more than just a starting point, it gave us our blueprint for growth. The talent, agility and ambition we found in our first Irish team set the tone for how we would operate across Europe.What began in Arklow laid the groundwork for the technology, service culture and community spirit that continue to define Elavon today."
Over the years, Elavon and U.S Bank have expanded their Irish footprint through key milestones:
- 2000 - euroConex, a joint venture between NOVA Corporation and the Bank of Ireland, is founded
- 2001 - U.S. Bancorp acquires NOVA Corporation
- 2008 - euroConex rebranded as Elavon
- 2004 U.S. Bank acquires Bank of Ireland's stake in euroConex, making it a wholly owned division of U.S. Bank and cementing Ireland as the operational base for its European ambitions
- 2006 - Elavon Financial Services Limited obtains its banking licence on 8 December 2006 and has been operating in Ireland as a licenced credit institution since that date.
- 2010 U.S. Bank acquires the European securitisation, trust and agency business from Bank of America. This marks the start of the bank's Global Corporate Trust (GCT) business in Europe, with teams based in London and Dublin
- 2013 U.S. Bank acquires Irish hedge fund business Quintillion and establishes its Global Fund Services business in Europe
- 2018 - Depositary business established to service Irish companies
- 2019 Opened a flagship headquarters in Cherrywood, Dublin.
- 2023-2025 Rolled out new tools including cloud-based POS systems, mobile payment devices, and enterprise-grade integrations supporting omnichannel commerce across Irish retail, hospitality, and healthcare sectors.
- 2025 - The company is ranked no 10 (out of 1000) in FT Europe's Best Employers of 2025 list.
Powering progress
"As we mark 25 years in Ireland, we're not just celebrating the past, we're investing in the future," said Declan Lynch, CEO of U.S. Bank Europe. "Ireland will continue to be at the heart of our European operations from technology and talent to community and culture. We are truly delighted to have been ranked as 10th best company in Europe in the Financial Times list of 1000 best Employer's in Europe in our anniversary year, and we are excited for the future." U.S. Bank's Irish teams are deeply involved in community-building initiatives. Through its Engagement Europe platform, employees receive 16 paid volunteer hours annually and are active participants in causes including:
- Junior Achievement Ireland: a decade-long partnership supporting financial literacy and entrepreneurship in under-resourced schools
- Sustainability initiatives: from Arklow Beach Clean and Tidy Towns to biodiversity efforts through the All-Ireland Pollinator Plan
- Animal welfare and local charities: with more than €12,000 raised in the past year for causes such as Pieta, LauraLynn, RNLI, and the East Coast Samaritans.
As part of its ongoing commitment to Irish business and culture, Elavon proudly sponsors organisations including Retail Excellence Ireland the Small Firms Association the Professional Golf Association of Ireland, and the Wexford Opera Festival
About U.S. Bank Europe
U.S. Bank Europe is a European division of U.S. Bank and provides end-to-end payment processing solutions and services to merchants, and investment services to institutional clients in Europe. Established in 2000, U.S Bank Europe is headquartered in Dublin, Ireland and employs over 3400 staff across Europe.
Regulatory Disclosure
U.S. Bank Europe DAC. Registered in Ireland Number 418442.
Registered Office: Block F1, Cherrywood Business Park, Dublin 18, D18 W2X7, Ireland.
U.S. Bank Europe DAC, trading as Elavon Merchant Services, is regulated by the Central Bank of Ireland.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250730549255/en/
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