Euronet Worldwide Inc. ("Euronet" or the "Company") (NASDAQ: EEFT), a leading electronic payments provider, today announced it has expanded its ATM outsourcing agreement with China Postal Savings Bank ("China Postal Bank" or the "Bank"), the fifth largest financial institution in China, for 721 new ATMs.
Under the expanded agreement, Euronet will deploy an additional 721 ATMs for China Postal Bank in Beijing, Shanghai and the Guangdong province. The Company will provide the full range of day-to-day ATM outsourcing services from its operations center in Beijing, which is already managing 90 ATMs for the Bank. Euronet China expects to complete the deployment of the new ATMs for China Postal within the next 12 to 18 months.
"We are very pleased to expand our agreement with China Postal Bank following the success of our initial pilot ATM project. Our proven outsourcing services enable China Postal Bank to manage and expand their ATM network with the help of a single established service provider resulting in an efficient deployment and servicing model for the Bank," said Michael J. Brown, Euronet Worldwide chairman, chief executive officer and president. "The recent positive developments within the Chinese banking sector are creating significant opportunities for reliable and cost-effective ATM outsourcing service partners such as Euronet to assist banks in China develop their retail banking networks."
China Postal Bank has a growing network of 7,780 ATMs, which includes the 90 ATMs deployed by Euronet over the last year. The assessment of the initial pilot project indicated significant benefits experienced by China Postal Bank including an increase in transaction volumes, improved uptime, superior branding and efficiency of the new ATMs deployed and managed by Euronet.