Ulster Bank cashes out of its 400 in-store ATMs

By Eamon Quinn

Ulster Bank has sold on cash machines it operated under the EasyCash name in 400 stores in Ireland, but the bank has at the same time said that the transaction doesn’t lessen its commitment to retail banking after its recent technical glitches.

Its in-store network will now be owned and operated by Euronet which already has a substantial number of remote ATMs under its own name in Ireland.

Easycash teamed up with Ulster Bank in 2003.

Ulster Bank makes most of its money from the Easy Cash remote ATMs from fees and charges, and it also receives a fee from retailers. It said the sale will help it focus on its 200 ATMs it has in Ireland.

With its own Euronet and YourCash brands, Euronet said the purchase means it will control about 15% of Ireland’s ATMs. The remote ATMs would be plugged into to its own network “without disruption”, Euronet said, signalling a new range of services such as foreign exchange and tickets could be offered through the network.

“We are excited to further increase our presence in Ireland. Acquiring an established offsite ATM network from Ulster Bank, and integrating it within our existing ATM assets in the region, is an extension of our strategy to widen the reach of our sophisticated pan-European independently deployed ATM network,” said Nikos Fountas of Euronet.

Head of retail banking at Ulster said: “We remain committed to offering our enhanced suite of ATM services to banks, merchants, and consumers across all markets where we operate.”

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