Customers makes China ATM play
(17 November 2006 – China) The Asian interest of Australian payments company Customers is set to become the largest shareholder in a Chinese ATM venture.
Customers ASIA Limited, which is a joint venture company owned equally by Customers Limited and FCP Brencorp Limited, has inked a deal to invest in and become the largest shareholder in Chinese ATM business Fintronics.
Fintronics is listed on the Hong Kong stock exchange but is exclusively focussed on growing the mainland ATM business. It currently owns a network of more than 300 ATMs but has orders for some 6000 ATMs from more than 20 banks.
Customers ASIA and Customers Limited chairman Greg Baker said the arrangement with Fintronics was a major jump start into the Chinese ATM market.
'This transaction is the result of carefully assessing the best way to enter the market to take advantage of the tremendous growth potential for ATMs and related payment services in both China and Asia,' he said.
'We also anticipate the company will be the vehicle to pursue ATM portfolio acquisitions in addition to its own ATM deployment activities. Overall we have agreed and defined a clear strategy to create a very large profitable ATM business in the region over the next few years,' Baker said.
Fintronics is listed on the Hong Kong stock exchange but is exclusively focussed on growing the mainland ATM business. It currently owns a network of more than 300 ATMs but has orders for some 6000 ATMs from more than 20 banks.
Customers ASIA and Customers Limited chairman Greg Baker said the arrangement with Fintronics was a major jump start into the Chinese ATM market.
'This transaction is the result of carefully assessing the best way to enter the market to take advantage of the tremendous growth potential for ATMs and related payment services in both China and Asia,' he said.
'We also anticipate the company will be the vehicle to pursue ATM portfolio acquisitions in addition to its own ATM deployment activities. Overall we have agreed and defined a clear strategy to create a very large profitable ATM business in the region over the next few years,' Baker said.
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