Budapest Bank extends ATM outsourcing contract with Euronet
February 21, 2002
BUDAPEST, Hungary -- Euronet Services (Nasdaq: EEFT) has signed a new 10-year ATM outsourcing agreement with Budapest Bank of Hungary. According to the agreement, Euronet will continue to provide complete ATM outsourcing services for Budapest Bank's entire network of 145 ATMs.
Euronet will take over ownership of the ATMs, which will remain branded with the Budapest Bank logo.
This long-term contract restructures and extends the existing agreement between Euronet Services and Budapest Bank, which is 27 percent owned by GE Capital.
Peter Hartmann, Euronet's managing director in Hungary, said, "Budapest Bank was Euronet's first ATM outsourcing services customer back in 1997. The fact that both parties now find it mutually beneficial to extend this cooperation for another 10 years is a fine testament to the
effectiveness and advantages of our ATM network outsourcing services."
Euronet Services, the largest independent ATM network provider in Europe, has doubled its network of proprietary and customer-owned ATMs over the past two years, adding outsourcing customers in Poland, Hungary, Croatia, France and the U.S. Budapest is Euronet's European headquarters and the operations center for ATM transaction switching and processing.
