Bank of Queensland today announced that it had completed its purchase of third-party deployer ATM Solutions Australasia Pty Ltd.
The purchase by the Bank of Queensland of the remaining 90% stake in ATM Solutions will boost its national ATM fleet to more than 1200 machines.
The ATM Solutions buy-out will give Bank of Queensland its first interstate footprint and makes BOQ the second largest third-party ATM deployer in the country.
The ATM Solutions purchase follows last month’s announcement that Bank of Queensland would purchase UFJ Finance Australia Ltd (UFFA), an equipment leasing company with offices across Australia and in Auckland, New Zealand.
Bank of Queensland Managing Director David Liddy said the Bank was growing its interstate footprint in line with its 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,” Mr Liddy said.
“It also provides our Bank of Queensland customers with their own ATM access outside of Queensland for the first time.”
Bank of Queensland owned 10 per cent of Melbourne-based ATM solutions prior to June’s decision to purchase the remainder of the company. The Bank paid $16 million for the remaining 90 per cent, valuing the ATM Solutions at approximately $18 million.
The Bank will make a decision on a case-by-case basis on the branding of the former ATM Solutions machines, with most expected to be re-badged under the Bank of Queensland brand.
ATM Solutions will continue to operate as a separate sales and distribution business under Bank of Queensland ownership.
“The completion of the ATM Solutions purchase is a significant step forward for Bank of Queensland, and, combined with the UFFA purchase which we expect to finalise next month, will give us a genuine national footprint for the first time,” Mr Liddy said.