Spanish bank Banco Santander SA agreed to acquire a stake in a U.K.-based payments platform for £350 million , as European banks hobbled by ultralow interest rates target growth areas.
Santander will purchase just over 50% of Ebury, according to company officials, a banking platform through which small and medium-size companies trade internationally. The acquisition is aimed at bolstering Santander’s global payments business and help the bank compete more broadly in trade finance, Executive Chairman Ana Botín...