Oriental Bank, a subsidiary of OFG Bancorp, has selected New York-based Sharenet ATMs to help them expand their ATM network.
The deal will increase Oriental’s ATM footprint by nearly 30 percent, to become the second largest bank in Puerto Rico.
Oriental Bank customers will now have a total of 332 locations across the Island, all of which are surcharge free. Eighty-five of the ATMs are owned and operated by Sharenet.
“Oriental selected our ATM Participation program which allowed them to expand their network quickly, easily and cost effectively," says Ray Davis, Sharenet CEO.
"It's a terrific deal for the bank's customers, who will be able to access numerous high-profile locations free of charge," says Carlos L. Pérez, Puerto Rico-based sales director with Sharenet. "Plus by using Sharenet, Oriental bank is saving approximately 65 percent off their transaction costs.
Sharenet’s ATM Participation program increases convenience for Oriental’s internal operations as well by handling all of the purchasing, maintenance, balancing, communications, regulation compliance and other concerns for the newly branded ATMs.
“The expansion is another step forward in Oriental’s strategy to lead Puerto Rico with the most extensive, most convenient array of technology enhanced services,” said José Rafael Fernández, president and CEO of Oriental and OFG Bancorp, in a company press release.
“We want to make it easy for our customers to ‘vive la diferencia’ and bank anytime and anywhere they like, quickly, without waiting in lines,” he continues.
According to Oriental’s market research, almost 80 percent of Puerto Rico’s population uses ATMs and 40 percent consider ATM proximity and convenience as a primary reason for selecting a bank.
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