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NAB in redi-made ATM expansion

NAB in redi-made ATM expansion

(20 July 2009 – Australia) NAB has come to an agreement to create an expanded ATM network combining its own with the Cuscal owned rediATMs. In the joint initiative National Australia Bank (NAB) and Cuscal have entered into an agreement to create an ATM network of more than 3,100 ATMs.

NAB’s 1,700 ATM fleet will combine with the Cuscal-managed 1,400 rediATM sub-network of more than 100 participating retail financial institutions, to create one of the largest ATM networks in Australia.

All NAB-owned ATMs will carry the NAB logo and all ATMs within the combined network will display the rediATM logo.

The two institutions said that, based on recent usage, bringing together the two networks will save customers more than $10 million in ATM direct charges annually.

Cuscal’s Managing Director, Craig Kennedy said that there was particular benefit to small rediATM participants. Even the smallest rediATM participant will be able to offer a market leading ATM network, which is a bolster to competition in retail banking.

NAB Personal Banking’s Group Executive, Lisa Gray, reiterated NAB’s strategy update in March, indicating that Personal Banking is an area where NAB will continue to invest.

This deal demonstrates that commitment and provides customers with greater choice and fair value for services, Gray said.

This solution will be available to customers once all regulatory approvals have been finalised, which is anticipated to happen over the next few months.

Cuscal developed their rediATM sub-network in response to the introduction of direct charging in March 2009.
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