Bank of Queensland and ATM Solutions Australasia Pty Ltd today announced that they are negotiating for the Bank to buy the remaining 90% stake in the third-party ATM deployer, which will boost its ATM fleet to more than 1000 machines.
The announcement came on the same day the Bank committed to the roll-out of 120 new ATMs throughout its branch structure, replacing the current branch-based ATM fleet, which is almost 20-years old.
Upon successful completion, the ATM Solutions Australasia buy-out will give Bank of Queensland its first interstate footprint. ATM Solutions Australasia is the second largest third-party ATM deployer in the country.
Bank of Queensland Managing Director David Liddy said the negotiations followed the Bank's purchase of 10 per cent of ATM Solutions Australasia earlier this year.
"Agreement in principle has now been reached with ATM Solutions for us to purchase the remaining 90% of the company, subject to conditions," Mr Liddy said.
Those conditions include a satisfactory due diligence investigations.
Melbourne-based ATM Solutions owns more than 1000 ATMs across Australia. Bank of Queensland will, upon final approval, pay $16.2 million for the remaining 90 per cent, valuing the company at $18 million.
"This acquisition is consistent with the Bank's growth and distribution strategy and will give us our first real interstate point-of-sale footprint, as well as strengthening our presence here in Queensland," Mr Liddy said.
ATM Solutions Australasia CEO Tim Wildash said the relationship with Bank of Queensland had always been strong, and the current negotiations were an obvious next step.
"This arrangement would give Bank of Queensland a strong interstate reach and has obvious synergies for both organisations," Mr Wildash said.
The Bank of Queensland also today announced a massive boost to its ATM fleet with the start of the roll-out of 120 new ATM machines for its branches.
Managing Director David Liddy said the $6 million roll-out of the new Diebold ATMs across the Bank's branches would ensure that Bank of Queensland had a state-of-the-art ATM network.
"These new ATMs will be the cutting edge in ATM technology. More importantly, they will be easier to use and much more reliable than our current, almost 20-year-old, fleet," Mr Liddy said.
"They are much-more user-friendly for the disabled with international-standard, lower keyboards, large on-screen print and, eventually, text-to-speech private audio capability.
"The new ATMs will also be more secure than the current fleet, and therefore more resistant to theft and fraud," he said.
The ATMs have been manufactured by world leader Diebold, with cutting-edge software system APTRA Edge, by industry specialists NCR. Ten machines are currently being piloted across Brisbane with the roll-out expected to be complete across the entire branch network by the end of July.
Features of the new Bank of Queensland Diebold/NCR ATMs include:
- Select denominations of notes to be dispensed;
- Choose whether you would like a transaction receipt;
- New larger and sun glare resistant screens;
- Make deposits through all branch ATMs;
- Withdraw cash quicker using FastCash
- Withdraw up to $1,000 in one go;
- Conduct more than one transaction at a time;
- Increased accessibility via revised height and ATM features;
- Increased lighting and additional security features.
Bank of Queensland will also change some products to coincide with the ATM roll-out, and the Bank's Core System Migration which will see the entire computer network replaced and upgraded. International banking solutions company Fiserv will provide the Core System.