Edenred SA Creates Joint Venture with Banco Espirito Santo SA in Portugal
Edenred SA announced the creation of a joint venture with Banco Espirito Santo SA in the Portuguese employee benefits market. The companies are creating a 50/50 joint venture that will be a provider of employee benefits solutions in Portugal. Banco Espirito Santo SA, which has been present in the Portuguese meal voucher market since 2004, will contribute its client portfolio and distribution capacity in exchange for 50% of the shares of Edenred Portugal. Edenred SA will be responsible for the day-to-day management of the joint venture, which will sell prepaid solutions to companies, including meal vouchers, education vouchers and gift vouchers.
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