Diebold wins VP Bank ATM contract

Diebold wins VP Bank ATM contract

US ATM manufacturer Diebold has inked a deal to provide 1000 of its Opteva cash machines to Vietnam-based VP Bank.

According to Vietnamese press reports, Vietnam Joint Stock Commercial Bank for Private Enterprises (VP Bank) has contracted with Diebold for the supply of 1000 of the vendor's Opteva ATMs, which will be rolled out across its 80 retail branches.

Around 250 Opteva units will be installed at branches Ha Noi and Ho Chi Minh City this year, with the remaining deployed across the bank's branch network through to 2010.

News of the contract comes as the vendor delays the release of its second quarter results while it seeks guidance from the US Securities and Exchange Commission (SEC) on an accounting issue.

In a statement Diebold says it is seeking help from the SEC on its revenue recognition policy following an ongoing investigation.

The delay relates to how Diebold recognises certain revenue on a "bill and hold" basis at its North American operations. The vendor says the revenue in question varies from period to period but made up less than 10% of Diebold's total 2006 revenue.

The regulator launched a formal investigation into how Diebold recognises its revenue in August last year.

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