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ABN Amro, Citibank adding ATMs in Singapore

February 8, 2005

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The Straits Times: ABN Amro Bank and Citibank are negotiating to join the other foreign consumer banks' shared ATM network in Singapore, a move that would up the ante noticeably for local banks in the fight for this profitable slice of the consumer pie.

If ABN Amro and Citibank join the shared network, the number of ATMs owned by foreign banks would jump more than two-thirds to almost a hundred. The present ATM network of 62 locations is shared by HSBC, Maybank and Standard Chartered Bank.

"We are now committed with the other foreign banks to significantly expand our ATM presence," said Nippi Kochhar, ABN Amro's managing director of consumer segments for Southeast Asia.

ABN Amro is committed to increasing its ATMs from six to 25 machines in 2005, Kochhar said

Citibank plans to double its distribution network from four branches and five ATM locations in 2005. Including its off-site ATMs, Citibank will have 11 ATM locations.

As for local banks, DBS Bank has more than 700 ATM locations, while United Overseas Bank and OCBC have a pooled network of more than 700.

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