Cardtronics Mexico, a majority-owned subsidiary of Cardtronics Inc., today announced that it has signed a branding agreement with Grupo Financiero Banorte, Mexico's third–largest bank based on deposits and loans.
As part of the long-term contract, Cardtronics will place Banorte's brand on nearly 2,000 cash-dispensing ATMs already deployed in OXXO stores. OXXO is Latin America's largest convenience-store chain. The deal expands Banorte's ATM network to more than 7,000 machines. It also will provide the bank's customers with surcharge-free ATM cash withdrawals.
"As a result of its arrangement with Cardtronics Mexico, Banorte will be able to offer its customers the largest ATM network in Mexico," said a spokesperson for Cardtronics Inc., which is based in Houston. Cardtronics Mexico is based in Mexico City and the company is partly owned by Mexican banks.
"Cardtronics Mexico's status as the largest non-bank ATM owner in Mexico plays a key role in helping Banorte build the nation's largest fee-free ATM network in short order, said Scott Abogado, general manager of Cardtronics Mexico. "Given Cardtronics Mexico's premiere ATM placements in OXXO convenience stores, we're helping Banorte deliver to its customers both Mexico's largest and most-relevant ATM network for fee-free access to their cash."
The National Banking and Securities Commission of Mexico must approve the deal between Banorte and Cardtronics Mexico.
Cardtronics is the world's largest non-bank owner of ATMs with more than 34,000 machines in the United States, United Kingdom, Mexico and the Caribbean.
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Cardtronics Mexico signs ATM-branding agreement with a major Mexican bank
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