DAYTON, OHIO - NCR Corp. (NYSE: NCR) completed a seven-year agreement with Canada's largest financial institution to manage its entire network of 4,700 ATMs.
The Dayton-based manufacturer of ATMs said the outsourcing contract with Royal Bank of Canada (NYSE: RY) is valued at $173 million. Royal Bank's self-service network of ATMs is the largest in Canada.
The new deal expands upon an existing relationship between the two companies. NCR's Worldwide Customer Services Division will provide maintenance and support services for the ATM network and will be involved in new ATMs as they are deployed throughout Canada. The agreement calls for NCR to manage consumable items such as ATM receipts, which could be worth another $19 million for NCR.
A Royal Bank executive said the NCR contract will allow his firm to focus on core banking business and lower its operational costs.
