Bank of China, one of four state-owned banks in the Peoples Republic of China, has awarded GRG Banking Equipment Co. Ltd. a second multi-million dollar contract in less than a year to supply and manage ATMs.
GRG Banking Equipment May 6 said the contract is valued at $58.57 million, but GRG, which is based in Guangzhou, China, did not disclose how many ATMs Bank of China purchased and if the ATMs are multi-functional machines, cash dispensers or a combination of both types of machines. GRG also did not disclose details about the management-services contract with Bank of China.
This is the second major contract Bank of China, which is based in Beijing, has awarded GRG, company officials said in a news release. In 2009's second half, the bank also awarded GRG a $58.57million contract, but $29.28 million was carried forward to 2010, says GRG, adding that its total revenue this year from Bank of China will be $87.85 million. GRG claims it is Bank of China's largest ATM supplier.
Although the number of ATMs Bank of China owns and operates is not known, China is the world's second-largest ATM market behind the United States, according to Retail Banking Research, a London-based strategic marketing firm. At the end of 2009, banks in China had deployed 208,000 ATMs, passing Japan, Retail Banking Research says. Bank of China deployed the country's first ATMs in 1987. Banks and non-banks in the United States have deployed more than 400,000 ATMs, according to Retail Banking Research.
In a related matter, GRG has named Eduardas Vaigauskas general manager of GRG Banking Equipment (HK) Co., Limited, a subsidiary of GRG Banking Equipment Co. Ltd. Vaigauskas will be in charge of GRG's overseas operations, the company said in a press release.
