Date:24/12/2005 URL: http://www.thehindubusinessline.com/2005/12/24/stories/2005122402690600.htm

Back ABN-Amro signs up Euronet to deploy 300 branded ATMs

Our Bureau

Mr Paul Abraham (left), Chief Operating Officer, ABN-Amro Bank N. V, India & Middle East, and Mr Loney Antony, MD, Euronet Services India, at a press conference in Mumbai on Friday. - - Paul Noronha

Mumbai , Dec 23

ABN-Amro bank has signed a five-year ATM outsourcing and deployment agreement with Euronet India.

As per this agreement, Euronet will be setting up 300 ABN-Amro branded ATMs. In this case Euronet will provide end-to-end ATM outsourcing services from its operations centre in Mumbai.

ABN-Amro Bank plans to beef up its ATM network in the country over an 18-month period and subject to regulatory approval.

Euronet will select specific locations, install the ATMs and all related equipment and provide network management and monitoring, help desk and related maintenance.

ABN-Amro will also outsource the management of its existing network of 90 ATMs to Euronet. The operation of these ATMs will be taken over by ABN-Amro before the end of the year.

Mr Paul Abraham, Chief Operating Officer, ABN-Amro Bank, India and West Asia, said that the bank's strategy for growth was centred around an organic vision. "We are focusing on organic growth and hence we do not want to take on the pressures of setting up infrastructure," said Mr Abraham.

ABN-Amro currently has an understanding with UTI bank, wherein the banks' customers can access UTI's 1,800 ATMs.

Mr Abraham said that the bank had submitted its proposal to RBI for a `no-frills account'.

Mr Loney Antony, MD, Euronet Services India said, "With the addition of ABN-Amro Bank, Euronet now provides ATM outsourcing services for five out of six multinational banks operating in the consumer banking space."