LEAWOOD, Kan. -- Euronet Services (Nasdaq: EEFT) has signed an 8-year services agreement with Citibank N.A. in Greece to deploy and operate 250 ATMs for the bank.
The agreement follows Euronet's recent entry into the Greek market and makes Euronet the largest independent provider of ATM outsourcing services in that country.
Under the agreement, Euronet will provide ATM site identification and operating services for the ATMs, including monitoring, transaction processing and maintenance services. Citibank will own the ATMs, all of which will be branded with Citibank's name.
Citibank will pay all direct costs of purchasing, installing and operating the ATMs, and will also pay Euronet a recurring management fee for its services.
All transactions performed on the ATMs will be routed for clearing and settlement directly to the Citishare switch, with which Euronet's European transaction processing center has a direct connection.
"We are delighted to be entering a new market in conjunction with Citibank, a customer for which we are already providing ATM network services in Hungary and Poland," said Michael Brown, Euronet chairman and CEO.
"This agreement shows how we can leverage Euronet's existing ATM switching, management and operations infrastructure for growth and long-term recurring service fees without making capital investments. Providing ATM network outsourcing services is key to our strategy for growth in other markets as well."
Euronet Services operates the largest independent ATM network in Europe and is building a growing electronic transaction processing capacity in the U.S. The company serves customers in more than 60 countries around the world.
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