Bank of Queensland crosses the border through ATM deal
(Australia) Bank of Queensland has moved interstate for the first time following its purchase of third-party ATM deployer ATM Solutions Australasia for A$16 million.
The bank had been negotiating with ATM Solutions to buy the remaining 90 percent stake since June. It had previously owned 10 percent of the company.
The deal means BoQ now has more than 1200 machines country-wide and is the second largest third-party ATM deployer in Australia.
BoQ managing director David Liddy said the move interstate was "in line with [the bank’s] overall strategy of diversifying and strengthening its revenue streams".
"The addition of such a significant ATM fleet across Australia to the bank’s 120 Queensland, branch-based ATMs provides a significant increase in our market reach," he said.
"It also provides our customers with their own ATM access outside of Queensland for the first time."
The purchase of the company comes just one month after BoQ bought equipment and vendor financing company UFJ Finance Australia for almost A$13 million – a deal which increased the bank’s business banking book by more than one third.
The deal means BoQ now has more than 1200 machines country-wide and is the second largest third-party ATM deployer in Australia.
BoQ managing director David Liddy said the move interstate was "in line with [the bank’s] overall strategy of diversifying and strengthening its revenue streams".
"The addition of such a significant ATM fleet across Australia to the bank’s 120 Queensland, branch-based ATMs provides a significant increase in our market reach," he said.
"It also provides our customers with their own ATM access outside of Queensland for the first time."
The purchase of the company comes just one month after BoQ bought equipment and vendor financing company UFJ Finance Australia for almost A$13 million – a deal which increased the bank’s business banking book by more than one third.
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