Centurion Bank of Punjab expands Euronet ATM outsourcing contract
06 July 2006 | 2149 views | 0
Euronet Worldwide, Inc. (Nasdaq: EEFT), a leading electronic payments provider, today announced it has expanded its multiyear ATM outsourcing agreement with Centurion Bank of Punjab, a leading private sector bank based in Mumbai, from 164 ATMs to 408 ATMs in total.
Centurion Bank of Punjab (CBOP) was formed from the October 2005 merger of Centurion Bank and Bank of Punjab.
Of the 408 ATMs in the combined entity, CBOP's network, Euronet has been operating 164 ATMs of the former Centurion Bank since February 2005 prior to its merger and subsequent formation of CBOP. Under the expanded agreement, CBOP will outsource the remaining 244 ATMs from its current network to Euronet India, thereby now outsourcing its entire ATM network to Euronet.
Commenting on the alliance, Mr. Anil Jaggia, Chief Operating Officer, Centurion Bank of Punjab said: "Centurion Bank of Punjab is a powerful private sector bank with a nationwide reach. By outsourcing our ATM network services to Euronet, we are able to focus more resources on establishing a full-service commercial bank with strong retail & SME presence across the country. Furthermore, having worked with Euronet previously, we are confident that the company's offerings will enable our bank to gain better cost and operational efficiencies while delivering a seamless transaction experience to our customers."
Euronet India will take over the operation of CBOP's remaining 244 ATMs within the next 30 to 60 days and provide the full range of day-to-day ATM outsourcing services from its operations center in Mumbai. Additionally, CBOP is connected to Cashnet, the largest shared ATM network in India, operated by Euronet with more than 5,600 ATMs across the country. Euronet India also provides value added network services to the bank, in the form of mobile phone recharge through ATM, SMS and the Internet channels.
"We are very pleased to have expanded our partnership with CBOP to manage their entire network of 408 ATMs. This is yet another example of our customers' confidence in our proven outsourcing solutions, which has enabled CBOP to further expand its partnership with Euronet," said Daniel R Henry, Euronet Worldwide President and Chief Operating Officer. "We continue to offer innovative and comprehensive outsourcing solutions enabling banks worldwide to focus on their core competencies while improving their cost effectiveness and enhancing their customer focus."